You may recall my previous post after the initiation stage of the Trump Rally here which was about a week after the election. I shared the likelihood for forward trade was in a flat to up trend, but that there was a lesser chance of a large drawdown if price did reverse. I have a little more context to it now so I thought I might show you what I’ve found.
Bears managed to do some damage yesterday and the retracement I was projecting is in progress. I was calling the final pattern targets on my premarket video that I posted for Daily Video Service subscribers at theartofchart.net this morning before the open. The charts I was showing in the video are below and I’m looking at where each index is respectively in terms of their pattern target.
The final pattern on ES is a double top looking for 2178.5 on a sustained break below 2196.25. The current LOD is at 2187.50, so there still should be another nine handles of downside to make the target. That may be tomorrow though of course. ES Dec 60min chart:
On rare occasions, I reach out to Slopers and ask them for any ideas for improvements they’d like to see on the site. I love you folks dearly, but honestly, these solicitations rarely yield a single good idea. However, by chance, I saw this remark today……..
In addition, last night I read pipesticks talking about flitting off to some chat room or another, which send a chill through me. I want you folks to stay here! So I’d like you to tell me in the comments section below what you’d like to see on the site to improve your experience here, as well as a fleshing-out of zstock’s idea above. Thanks.
Howdy from Georgetown, the charming college town near D.C. The weather is perfect here, and one of my beloved children is with me as we soak in the ambience. (I even got recognized on the street by a chap walking his beautiful dog, Lola.)
In between the soaking, though, there is, of course, trading. Crude oil continues to explode higher. Why did this headline not shock me?