If they retrace too much and lose symmetry look to such
prospective patterns.
Roy...notice on their respective 5 minute charts (very short
term) bear flag type looks as I earlier (below) stated to watch for
a possible a-b-c type pullback. Well, the bear flag would be 'b'
then 'c' down.
Bottom line is..they need to establish a higher low.
I can see a bear flag, and a 30 point move from 1878 (the same
move as from today's high and the afternoon low). That would be a
retest of today's low of 1848 on the cash index. Am I correct here
(I was looking at the
5-min chart?
Yes maybe around SPX 1850 area IF that were to play out.
Also calculate at .618 of the first leg which would be about 18/19
points and thus SPX 1860 area.
Notice the 60 minute charts were overbought at today's highs and
their oscillators have not unwound much as yet. Nothing set
in stone, but lower risk is when the 60 minute charts have unwound
at least somewhat. Understand? Must have a trigger on the time
frame you trade and adhere to stops.
Ok, it makes sense. The full move may play out on the futures
down to support at 1842 on ES. I am selling rallies and buying
pullbacks on this corrective move up.
Steve, when is either pattern
RUT and SPX Intraday Views
Posted by junkie on 21st of Jan 2016 at 03:53 pm
Steve, when is either pattern considered invalid (what needs to happen to the price to invalidate either pattern)?
If they retrace too much
Posted by steve on 21st of Jan 2016 at 03:56 pm
If they retrace too much and lose symmetry look to such prospective patterns.
Roy...notice on their respective 5 minute charts (very short term) bear flag type looks as I earlier (below) stated to watch for a possible a-b-c type pullback. Well, the bear flag would be 'b' then 'c' down.
Bottom line is..they need to establish a higher low.
What time frame will this
Posted by junkie on 21st of Jan 2016 at 04:13 pm
What time frame will this higher low be at?
I can see a bear flag, and a 30 point move from 1878 (the same move as from today's high and the afternoon low). That would be a retest of today's low of 1848 on the cash index. Am I correct here (I was looking at the 5-min chart?
Yes maybe around SPX 1850
Posted by steve on 21st of Jan 2016 at 04:25 pm
Yes maybe around SPX 1850 area IF that were to play out. Also calculate at .618 of the first leg which would be about 18/19 points and thus SPX 1860 area.
Notice the 60 minute charts were overbought at today's highs and their oscillators have not unwound much as yet. Nothing set in stone, but lower risk is when the 60 minute charts have unwound at least somewhat. Understand? Must have a trigger on the time frame you trade and adhere to stops.
Ok, it makes sense. The
Posted by junkie on 21st of Jan 2016 at 04:39 pm
Ok, it makes sense. The full move may play out on the futures down to support at 1842 on ES. I am selling rallies and buying pullbacks on this corrective move up.
Steve, could you post your
Posted by junkie on 21st of Jan 2016 at 04:49 pm
Steve, could you post your chart of ES futures on 4-hour time frame with a patterns in play please?