Good chance ES will correct to at least the 100Dma here.
Significant 2.618 fib has been hit taken from first significant pivots in Nov '20 after previous correction where price tagged the 100Dma.
Todays bearish engulfing candle takes price passed local low which will likely conclude in an ABC zig zag correction back to $4350 area.
Not advice.
Significant 2.618 fib has been hit taken from first significant pivots in Nov '20 after previous correction where price tagged the 100Dma.
Todays bearish engulfing candle takes price passed local low which will likely conclude in an ABC zig zag correction back to $4350 area.
Not advice.
Note
Note
D RSI rejected from centre could see 30 - 40 if similar correction to last.Note
1:1 C wave hit. I'll be looking for a 4hr close above "1" to make an entry. If price rejects from 1 then could be much lower lows coming - potentially a real crash, but here it currently looks like it will recover.Note
The longer price remains below "1" the more chance this move will at the very least become a C wave extenion to 1.618, or it is the start of a new trend to the downside = a big crash.Note
D RSI is now at its lowest since March '20 indicates it will probably move on from here.Note
Note
But for the big crash W RSI will need to consolidate in the lower quadrant and there is still a way to go yet. A small probe into the lower quadrant followed by a swift recovery could provide a good entry.Note
100Dma hit. Note
Very significant looking hammer on SPXUSD bouncing back to the 1:1. I think it highly likely the bottom is in here. I have entered a long position here SL below the low.Note
Also note gravestone doji on DXY hinting at a recovery.Note
The bearishness of the C wave and also since this bounce all point towards further downside and probable crash. More content in thread below. I am now short.
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
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I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
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.