ES - S&P 500 Retest and Down We Go
Updated
With the "cooked" CPI, let us examine the ES Chart.
1. The dotted yellow TL's show the OVERShoot and UNDERShoot, which are perfectly in line with the Medianlines.
2. Price was going up from the Zero to Five Count and broke the confirmed Pivot 4. This leads into a potential new start of the next Downtrend.
3. From the red 1, up to where we are now (2023/01/12), this looks like a perfect market manipulation in line with the CPI. However, with or without CPI, we see where price bangs it's head to day on a intraday view. Right at the U-MLH.
We could either get a hard rejection from here, or price even get's pushed up to the yellow sliding parallel.
4. The Stochastic also shows a negative sign since price got pushed up to the U-MLH. If your backtest this Oscillator, then you know that most of the time there's a push in the opposite side before price synchronizes.
Or in short: Watch the Rocket Man §8-)
Stay save and trade with Brain.
1. The dotted yellow TL's show the OVERShoot and UNDERShoot, which are perfectly in line with the Medianlines.
2. Price was going up from the Zero to Five Count and broke the confirmed Pivot 4. This leads into a potential new start of the next Downtrend.
3. From the red 1, up to where we are now (2023/01/12), this looks like a perfect market manipulation in line with the CPI. However, with or without CPI, we see where price bangs it's head to day on a intraday view. Right at the U-MLH.
We could either get a hard rejection from here, or price even get's pushed up to the yellow sliding parallel.
4. The Stochastic also shows a negative sign since price got pushed up to the U-MLH. If your backtest this Oscillator, then you know that most of the time there's a push in the opposite side before price synchronizes.
Or in short: Watch the Rocket Man §8-)
Stay save and trade with Brain.
Note
btw: I like the red Pitchfork too....
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.