SP500’s GoodNews! probably forming expanding triangle.18/Oct/22.Not just ES1 having “Good News!!!”. We probably having an “expanding triangle” here. Where triangle pattern only “appeared” on either wave b or @ “last pullback” of trend which is wave 4 ( yellow here). So..so..probably the “small crashes” since yearly 2022 might be end soon..( probably - 23.08% first).
Eminisp500
ES weekly forecast - Beginning of TST journey Hello everyone! This October I begin my TopStepTrader Micro combine! TradingView is my documentation system so Like and Follow my journey!
ES has maintained its down trending posture and lending way to lower prices but currently exists in a somewhat balanced state between technical levels 3700 and 3500. This area could prove to be difficult, so I’m not particularly excited about the week ahead -
SHORT TRADES ONLY given the context of the downtrend!
1 - Breakdown of 3600 with a pullback to retest before moving lower to 3500
2 - Straight down - If ES moves below 3500 with conviction, we could see lower prices in a hurry. I’ll be looking for sharp bounces to short in this scenario/.
3 - Bullish move to 3700 and consolidation to begin accepting higher price
Last week gave us a decent short opportunity Wednesday. Be on the lookout for others in the middle of this week, although it’s unlikely they are as technically ‘juicy’.
Waiting on TradingViews BlackFriday deals to optimize charting. Stay tuned!
KingCharlesTrader - 10 years as ES swing trader by night. Web Developer by day.
SP500 possible forming triangle. 26/Sept/22.ES1! Aka SPX emini possible forming a triangle as we already have an expanding flat pattern abc ( cyan) on wave (ii)(Red). So..as Elliott wave alt. Rule. We can’t have another “same” expanding flat which is ABC ( yellow circled) pattern on wave (iv)..So..this “expanding flat” could be wave a ( Cyan) part of a triangle pattern in wave (iv) ( Red)..