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I saw this drop coming last thursday night...guess I could have said something. The shaded area foretold what was coming, this was uncharacteristic of the bullish behavior exhibited the past few weeks. Long story short, 1151.3 is an upside target...when we start going up again.
I have no downside targets identified as of this post.
I am looking for 25.6 short term and will be looking for a short around there providing I get some decent PA though I may blindly try something w/tight stop...
Blue line is trend line, red is at 25.6
I haven't drawn a trend line in a while but it seemed appropriate in this case.
I hate to disagree with my last post but after going over a few things I noticed that I had overlooked the probability/possibility of it getting to 1129...
I have some mixed signals on this but point is 25.6 is still an area to look for short but 29 is obviously better.
Tomorrow is NFP so all of this may go out the window but if the boat doesn't get rocked to much that's what I'm looking for.
Just because we hear all the bad stuff about our president... and rightly so... don't give up on the market. We are probabally in for a chop chop fall... A rebound next week will be unexpected... just watch.
Look at the daily TF... chopped up and going back and forth...if the market was going down, It would roll over and go down..With all the bad news it is still going sideways... that tells you something!
I know it's arguable but thinking we will set some new lows tomorrow..I had a short up there today at the 25.6 (a long at 18.5 as well ...)I mentioned the other day.
As of this post a short has lined up at 16.9 but hard to say if it has legs or not.
Last I looked the some of the ES guys seem to think a bottom maybe in place...not seeing that myself. I am noticing some "balancing" of the indexes and when they get more in line we'll know what direction we will really head in.
I'm obviously not as bullish and expect moves in either direction with a bias towards the downside right now.
I'm looking for somewhere around 1085 in the coming days. don't hold me to this one, like I said willing to change my mind at any time...we did bounce off the cloud on the weekly Ichimoku so it could run up to around 1142 as well...
pic of trade off top after seeing pinbar/doji followed by down bar in the area I mentioned. I used this chart for entry but another for the exit.
29 has been a good spot to short...some chop going on now obviously, looking for 16.7 to get hit then fair chance it will back to 21.1
After that, not sure, will figure it out as we get closer
Edit: just occurred to me could hit 21.1 first then drop to 16.7....if it does that then better chance it keeps going down.
I'm already short so doesn't matter to me that much but will cut it if it gets to 22ish again.