Weekly Market Update: Triangle Pattern Conclusion Underway
As of right now I would say the triangle pattern certainly is the prevailing pattern thesis. A triangle pattern is one that neither gives bulls nor bears much hope or despair as it tugs at both camps because its range bound. For this trader, I would classify myself as bearish on the overall market, however that does not preclude me from getting long for profit. As of my writing, I am currently short the ES and plan on closing out those positions down in my target box.
As we begin our descent into my target box, I should have enough price action to dial in my position closing area more so. From today’s price of 4130 down into the area of approximately (The Sweet Spot) 3950, I plan to access the pattern for a potential long. If price has declined in a corrective manner (3-Wave Pattern) into my target box, then a long into the 4300-4500 makes sense.
I wanted to keep this post simple, concise and to the point.
We have enough noise to contend with between this regional banking crisis, inflation, the Fed, Jobs and the overall economy.
Based on the pattern I have as of today, the above are my expectations…and as of today, I have no additional information that would cause me to change that analysis.
Best to all,
Chris
As we begin our descent into my target box, I should have enough price action to dial in my position closing area more so. From today’s price of 4130 down into the area of approximately (The Sweet Spot) 3950, I plan to access the pattern for a potential long. If price has declined in a corrective manner (3-Wave Pattern) into my target box, then a long into the 4300-4500 makes sense.
I wanted to keep this post simple, concise and to the point.
We have enough noise to contend with between this regional banking crisis, inflation, the Fed, Jobs and the overall economy.
Based on the pattern I have as of today, the above are my expectations…and as of today, I have no additional information that would cause me to change that analysis.
Best to all,
Chris
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