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ES Sequence in Progress 8/25/2020The ES is behaving pretty predictably as stated before. The sequence of events are coming together just fine. 1) ES reaches the old all-time highs. 2) Overly eager and arrogant bears force their vision of a double top pattern followed by their dream of a crash. 3) Bears short with their leftover ammo then place their short stop at the most obvious place (around 3400). 4) High liquidity sets up a bounce from support and grind back to all-time high. 5) ES reaches 3400 and the bears short cover again to bust above 3400. 6) At that point, most of the bears and sideliners will scramble to go long on the ES which they would buy near the top. 7) When most of the bears finally give up, that's when sidelined money becomes committed. Liquidity should gradually decreased by then. That's when a correction finally happens. Judging by the trajectory that we are in with this upward channel and where the last historical resistance is, the ES may touch 3500-3600 before actually correcting. Coincidentally, the channel also meets that historical resistance between late September to after the US elections. That's assuming we do not have a blowoff top pattern and rush to the top. I do not know if we get a correction before and after reaching that resistance. I'm just taking it one day at a time and just adapt to the current market conditions. As Bruce Lee would put it, be like water. Disclaimer: My posts are mainly for my trading team since we are scattered across different time zones and schedules. If anyone is going to impose their opinion, I would be much more convinced if they backed their opinion with facts, data, and evidence. If they're just ranting of "how things should be," I will just view that as the muffled sounds from Charlie Brown.
CME_MINI:ES1!
by Itsallsotiresome
2