Actionable Trade-Alert
from Rick in the Trading Room
(Please check all related discussion in the room before you do any trades.)
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12:48 |
Your choice of coordinates makes no sense to me. Visually speaking, you have matched apples, condenser coils and postage stamps. A mitigating factor in your selections is that, by my lights, there really is no acceptable ABCD pattern on the daily chart; they all stink. It is only on the weekly and monthly charts where visually acceptable patterns begin to emerge. Thus: https://bit.ly/4fHg7hG The rally has not exactly impaled p, but neither have bulls gasped and choked there for months; and so D, or at least p2, look like good bets. Here is another view — https://bit.ly/4xlHipH — that must be considered, with the absolute highest target that can be projected on a monthly chart: 8827.75. I would bet the ranch on its stopping power. And, given the way ES denied bulls a chance to buy a pullback to x=5830.94 “mechanically,” I’d say D=8827 has a pretty good chance of being reached. Disaster starting from p2=7828 is possible but an outlier.I hadn’t considered these possibilities before, since ES had yet to break out. But your somewhat difficult-to-follow, calendar-related scenario nudged me into finding the simplest picture possible. As far as the ‘when’, I’m most comfortable with a repeat of 1929, implying a closing high by no later than the first week of September, followed by an October crash. |