S&P 500 E-MINI FUTURES CME_MINI US (ESM20 ---->)
Welcome fellow traders, as you will see within, my view is Bearish. I currently see two scenarios regarding the chart.
I've drawn in black a 3 drive to a top completing near the .0786 Fib (Strong Resistance)
This level also completes a Bearish Gartley drawn in brown.
Volume weak & Bears are thin....what does that say?
1) The PitchFork included has so many contacts it has me believing we will maintain sideways consolidation for a long period within the PitchFork.
I favor this view over my second consideration.
2) I also see an ABC drawn in red completing near 1900 at the 1.272 Fib or 1585 at the 1.618 Fib
I encourage you to pull this chart back to March 2000 and October 2007 and see the 1585 support/resistance level historically.
While I know I can't see the future, I believe the charts give you insights for which to trade.
Why could this happen? You know better than I but what if:
US/China conditions become hostile...
Trade agreements are not carried out.
The US Leadership was to become COVID ill & uncertainty of future leadership.
etc. etc, and you have likely heard: "Sell in May and go away"
And my favorite: volatility typically picks up going into Nov 3rd elections and uncertainty of such!
Most would agree that these are uncertain times and the market does not like uncertainty.
I am nibbling and soon SHORT near the right level and a bearish engulfing signal. Good trading to all!
NQ is forming same 3 drive filling gap at 9400
I've drawn in black a 3 drive to a top completing near the .0786 Fib (Strong Resistance)
This level also completes a Bearish Gartley drawn in brown.
Volume weak & Bears are thin....what does that say?
1) The PitchFork included has so many contacts it has me believing we will maintain sideways consolidation for a long period within the PitchFork.
I favor this view over my second consideration.
2) I also see an ABC drawn in red completing near 1900 at the 1.272 Fib or 1585 at the 1.618 Fib
I encourage you to pull this chart back to March 2000 and October 2007 and see the 1585 support/resistance level historically.
While I know I can't see the future, I believe the charts give you insights for which to trade.
Why could this happen? You know better than I but what if:
US/China conditions become hostile...
Trade agreements are not carried out.
The US Leadership was to become COVID ill & uncertainty of future leadership.
etc. etc, and you have likely heard: "Sell in May and go away"
And my favorite: volatility typically picks up going into Nov 3rd elections and uncertainty of such!
Most would agree that these are uncertain times and the market does not like uncertainty.
I am nibbling and soon SHORT near the right level and a bearish engulfing signal. Good trading to all!
NQ is forming same 3 drive filling gap at 9400
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