We will be looking for a leg down if correlations are solid, check for Commodities, Yields, and Gold, however, the push down might be brief if we see the FED coming in with the QE on ETF'S anytime soon. be wary that this could be a very short movie, will be posting an extra chart regarding fibs confluence and levels that are on top of this analysis. ...
Pushed a little higher than expected but rejected as anticipated. Next stop: 2630?
Still Expecting ES and YM to sell off from these levels. Europe wanted their fill and pushed the indexes back to their sell point. So, it’s trading Groundhog Day. Time to do it again. www.screencast.com
Related to my last post, keep an eye on this bearish rising wedge pattern forming (sigh, yet another rising wedge pattern). If it breaks with force, then we are still on track to see the head and shoulders pattern deteriorate. If the futures climb up out of it, also with some force, then a continuation of the "Z," or final zag of the double zig zag grows in probability.
My previous posts assumed that a double zigzag Elliott Wave structure for Wave 2 had come to a conclusion because of how nicely a head and shoulders pattern had appeared. My expectation was that the market would then begin to roll over and things looked promising into yesterday's close. However, we are now looking to gap up, yet again, and so if it charges even...
ES Futures: rising wedge collapsed into a bear flag, which collapsed into a bear flag, which collapsed into a bear flag... This is, as you can expect, very, very bearish.
The big picture clearly shows that ES could not get back into the trend. We can expect sharp down movements. I have market the middle of the trend line on the chart. That's the most important support. Disclaimer: This is not a financial or investment advice. Remember to follow me Stay healthy, Trade safe... Atilla Yurtseven
Finally, some suggestions about where we're going. I believe this is wave 3 of the large 5 wave bear market structure. I am not an experienced Elliottician, but I use what I do know of it as a general guide to get me going in the right direction. I am more experienced with traditional technical analysis. My educational background is in the history of philosophy,...
And, zooming in once more to take a closer look at the right shoulder, we see that within that shoulder, the ES futures formed a rising wedge beginning last night and going on in to today's trading. During the day, we broke from that structure, and, just to exasperate the bears even more, proceeded to test the bottom of that structure for what felt like an...
Zooming in a bit, we can see that the bear flag conclusion took the form of a head and shoulders pattern, a bearish technical pattern. Notice the right shoulder, which, if the market continues to go down from this point, we can then assume has completed. It really does look textbook at this point, having reached the same height in both shoulders before breaking...
I'll write up my thoughts in 4 parts, starting with a larger view of the market, and then zooming in. I think we have a brief moment of clarity now before things will inevitably become cloudy once again at some point. The broad view is that after the February and March crash, we entered a very grave bear market, one that could very well turn out to be an...
Take a look last time S&P 500 number of stocks over the 20 ma went so low and then in 3 weeks or less went up to almost 100% the market moved up for a long time. For this to happen again I think the tracker has to move back up over the middle blue line and hold. Will be watching to see how that 20 ma supports or rejects the spx500 stocks.
alleytrader:arrows_clockwise: 8:46 AM ES trading in a larger range today and looking for continuation after a possible retrace of some of the over night action. 2846 would be a great spot but probably far to deep so will be watching for a spot further up. If we break the overnight high I feel we could go to 2892 if we do head out the bottom then 2826 is possible
Hi guys, I haven't been around for almost like 2 years . I still remember I was so active to post some useful technical indicators for you, and I received a lot of inboxes for requesting tutorials, codes and collaboration. Thank you so much! During two years of not showing up in the community, I learnt a lot. Google was always my teacher. It solved my problems...
Oversold and back above 2800 support. I see it tagging 2880 resistance before another, deeper drop.
Backtesting major resistance. I think this dead cat bounce is about to be over!
As noted a day or so ago, a head and shoulders pattern may be developing on the S&P futures. It continues to do so tonight. If the rally from today and tonight extends into tomorrow and runs out of steam around 2880, the right shoulder may be topping. I expect a very significant pullback from there as I believe it will indicate the end of the bear market rally....
S&P Futures are forming a rising wedge tonight after the cash close. This is a bearish pattern. Let's see if the little upside we saw today reverses tonight. Have a good night!