There are a growing number of people who believe we are in somewhat of a megaphone pattern. If we take a look at the last time we breached the 1.618 FIB level (in Jan-Mar 2000), we can see the results. What's happening now is eerily similar, but in a compressed (almost 2x) format. I'm not suggesting that this pattern will hold true; I'm simply providing the idea...
So we shot straight into the 4080 area and over shot the area.
Price is incredibly over-extended right now. (Bearish)
Decreasing volume as price rallies(bearish)
Void to fill below (Bearish)
Historical Analogue points to bear move.
I will again short the bounce with expiration next friday.
The SPY put in 3 low volume bars on April 6,7, and 8. These
are the yellow bars that I point out on the chart.
Buyers pushed price above the high of the April 8th low volume
bar and Friday's bar was just a "normal" buy bar. I say normal
because there was no indication it was a low volume day, a
churn bar, or climax volume day.
There is now at least a 60%...
So we hit the 4080 level which is the most extreme point the reversal can happen. I predict we will start to drop this coming week.
What I will be waiting for is a STRONG impulse to the downside on the 5 minute and then WAIT for price to bounce, that is where I will look to enter.
Reasons for Bias:
Volume and price divergence
Parabolic moves dont last,...
$ES makes a major top at 4112-4114 level. Probably next week, maybe wednesday.
It would make harmony with fibonacci retracements and former turning points.
Then we retest 3650 in late june. A fibonnaci retrace 38,2% of a 4112 top.
If 3650 breaks next target down would be. ~3180. Wich would be a full 50% retrace.
After that the aim is set for 5k+ Making a...
The market rallied higher which was a possibility as I mentioned in my last vid but dont worry I am still expecting a strong move lower either next week or the week after.
The drop is expected to happen around 406-408 and initial target is 388.
Let's go Ninja's.
It looks like we are in a final run higher here. If we start to square off and trade sideways in here then expect a huge down week next week to 3700.
Short the bounce! :)
Today has a balanced small rang overnight session and will be using this range to see if a direction can be established for the day.
It is a 18 point range so wide enough for some inside long and shorts.
opening action will tell me a lot about how I will proceed. Will keep you posted.
Today looking at the range of 3931 to 3968. I will remain
flexible and trade the inside of this range unless the market
breaks out. Above looking at 3984 if move below will look for targets
then.
The 3960 area looks like the spot where the most action will happen if
we go very choppy.
Deviations taken from:
i.imgur.com
Comments taken from:
www.reddit.com
Market: ESM21
Date: 29-Mar
Attempted Direction: Up
Rotation Factor: -4
Range Extension: Buyer & Seller
Tails: Buyer
Buying/Selling Composite: Non composite
One-timeframing (D/W/M): All OTing up
Comments: "Very mechanical trade early in Monday's session. Price opens within Friday's large...
