ES1! Monthly Butterfly
Looks like a bearish butterfly is complete on ES,
Typical targets are usually between the A-C points or possibly extending down to around 2800 or so which would be a pretty large correction
Medium term fib cluster levels shown for possible short term bounce
If it really starts to fall and in all honesty I think looking at some of the FANG stocks that have such a large weighting on the indices and the JPY carry trades unwinding I think a deeper retracement is likely as there is a general sense of de-risking...
No trade for me but pretty clear example
Typical targets are usually between the A-C points or possibly extending down to around 2800 or so which would be a pretty large correction
Medium term fib cluster levels shown for possible short term bounce
If it really starts to fall and in all honesty I think looking at some of the FANG stocks that have such a large weighting on the indices and the JPY carry trades unwinding I think a deeper retracement is likely as there is a general sense of de-risking...
No trade for me but pretty clear example
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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.