ORANGE ROOF BROKEN BEWARE - S&P500 - ES1! - 240MN - 4H
#s&p500 #ES #ES1! #wait #downtrend #pullbacktrade
The S&P500 have broken the roof. Remember the super squeeze on the daily chart (see related ideas section). But no, the price didn't fall off after that.
Analysis:
- The orange line was the previous super resistance, the roof. It has been broken, not with super volumes but it is significant enough to trace a new line.
- The new line is the red horizontal line which also has been broken and the price of the S&P500 is still rising.
- Remark how the up trending red line is following. It is thick because it is probably THE super support. But the angle, tells us that probability is very strong to see the market price fall rapidly after it has broken it. So beware at that line, it is the most important one.
- The black line, horizontal, on the bottom, is probably a zone that you can call gravity center of the market price. The market price is far away from it. Then beware, the market can anytime decide to go surf around that price, It can be a super squeeze or just a slow down trend. Be always ready for anything to happen.
- The paralleled red doted line is now possibly the resistance.
What to do then? Wait until the price touch that red dotted line, probably, to catch any chances of a nice pullback down.
The S&P500 have broken the roof. Remember the super squeeze on the daily chart (see related ideas section). But no, the price didn't fall off after that.
Analysis:
- The orange line was the previous super resistance, the roof. It has been broken, not with super volumes but it is significant enough to trace a new line.
- The new line is the red horizontal line which also has been broken and the price of the S&P500 is still rising.
- Remark how the up trending red line is following. It is thick because it is probably THE super support. But the angle, tells us that probability is very strong to see the market price fall rapidly after it has broken it. So beware at that line, it is the most important one.
- The black line, horizontal, on the bottom, is probably a zone that you can call gravity center of the market price. The market price is far away from it. Then beware, the market can anytime decide to go surf around that price, It can be a super squeeze or just a slow down trend. Be always ready for anything to happen.
- The paralleled red doted line is now possibly the resistance.
What to do then? Wait until the price touch that red dotted line, probably, to catch any chances of a nice pullback down.
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