SP500 FUTURES: End of consolidation, resume of downtrend
Updated
I HAVE NO CLUE
THIS IS ONLY MY THINKING EXPRESSED IN WRITTEN WORDS AS A WAY TO ORGANIZE MY THOUGHTS
THIS APPLIES TO:
MES1!
ES1!
SPY
SPX
AFTER ATH A -16% DOWNTREND
CONSOLIDATION IN TRIANGLE SHAPE
DOUBLE REJECTION FROM 50% RETRACEMENT OF DOWN MOVE
TRIANGLE BROKEN TO THE DOWNSIDE WAIT FOR A CLOSE BELOW TRENDLINE
SO, WHAT ALL OF THIS MEANS TO ME:
1 - DOWNTREND + CONSOLIDATION = RESUME DOWNTREND
2 - CONSOLIDATION END = CLOSE BELOW TRENDLINE AND 38.2% RETRACEMENT
3 - IF 2 = LOOKING FOR GOOD ENTRY LOCATION TO PLACE SHORTS
THIS IS ONLY MY THINKING EXPRESSED IN WRITTEN WORDS AS A WAY TO ORGANIZE MY THOUGHTS
THIS APPLIES TO:
MES1!ES1!SPYSPX AFTER ATH A -16% DOWNTREND
CONSOLIDATION IN TRIANGLE SHAPE
DOUBLE REJECTION FROM 50% RETRACEMENT OF DOWN MOVE
TRIANGLE BROKEN TO THE DOWNSIDE WAIT FOR A CLOSE BELOW TRENDLINE
SO, WHAT ALL OF THIS MEANS TO ME:
1 - DOWNTREND + CONSOLIDATION = RESUME DOWNTREND
2 - CONSOLIDATION END = CLOSE BELOW TRENDLINE AND 38.2% RETRACEMENT
3 - IF 2 = LOOKING FOR GOOD ENTRY LOCATION TO PLACE SHORTS
Note
OK, THAT'S ITAFTER A 350 POINT DECLINE SINCE THE IDEA WAS PUBLISHED IT HIT SUPPORT AROUND 2700 (2009 SUPPORT TRENDLINE)
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