Wyckoff Consolidation Pattern
Updated
ES S&P 500 is developing a nice consolidation pattern that looking to evaluate it as an accumulation schematic. Price penetrated the lower trading channel on lower volume than the previous two trading days indicating exhaustion by sellers. Price ended in the lower resistance channel on Friday's close. Expect a short downward movement to open the next session followed by movement upwards. Elliot wave count (not published) to me indicates upward movement that will start either Wave B of a correction that ended at the high of the previous bullish impulse or Wave A of a correction that is starting at today's low.
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Probably see a bit of a spike u followed by overnight selling to 4662 or there abouts in that range. Will update an Elliot wave idea soon.No way am I recommending any trades on this chart. You be you and trade on your own assessment.
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Scratch that assessment.....Trade closed manually
Price fell quite significantly and rose again to previous support on higher volume. Likely continued rise in price.
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