Channels & Lines
Channels & Lines
UPDATE 1:32pm EST: I just got back and was a bit surprised to find such a violent retracement. Would have expected to see 790 before I see 760 on the ES futures.
Maybe this chart will tickle your fancy – it seems that we are in a reasonable up channel and a breach of the highlighted area (760) will probably indicate that we push downward. If start pushing back up from here and buyers step up their game once more I wouldn’t be surprised to see 790. One of those days where it’s tough to make predictions – you have to draw your lines in the sand and position yourself in spots where your pain threshold is limited. Because if you are exposed you will be tested on it – you can take to the bank 😉
Also note the upper diagonal which seemed to stop the bulls in their tracks this morning. I think this also provides us with an upper inflection point so to speak.
