ES1!: RALLIES & FALLS / UPDATE / POINT OF CONTROL: 4000 & 3950
DESCRIPTION: In the chart above I have provided a MACRO analysis of ES1! a future INDEX on the daily timeframe.
POINTS:
1. Deviation of 250 points would justify placement of SUPPLY & DEMAND POCKETS.
2. Pennant Formation
3. Current CORRECTION FALL is roughly 5.55% falling short by nearly 5% when compared to other CORRECTION PHASES.
RSI: Since the inception of the current bear market price action has only held one time when RSI is at a PIVOT POINT and ready to enter OVERSOLD TERRITORY.
MACD: If MACD is pulled into OVERSOLD territory or anywhere past it's MEDIAN OF 0.00. This will be a strong indicator that price action will fail to hold onto its current channel of 4050 - 3800. And would essentially mean price action will retest past channel of 3800 - 3550.
POINT OF CONTROL: Price action must remain above LEVEL 1 SUPPORT of 4000 & LEVEL 2 SUPPORT of 3950.
SCENARIO #1: In a BULLISH scenario we would come to see price action bounce at 3950 then followed by a move toward 4150 before breaking pennant formation. (Not the safest bet since this scenario would VIOLATE RSI'S TREND FROM THE PAST YEAR)
SCENARIO #2: In a BEARISH scenario we come to see a break below 3950 that would leave to PRICE ACTION not seeing support until 3800. (This would fall in line with what current indicators are signaling)
FULL CHART LINK: tradingview.com/chart/UUCv2fGk/
ES1!
POINTS:
1. Deviation of 250 points would justify placement of SUPPLY & DEMAND POCKETS.
2. Pennant Formation
3. Current CORRECTION FALL is roughly 5.55% falling short by nearly 5% when compared to other CORRECTION PHASES.
RSI: Since the inception of the current bear market price action has only held one time when RSI is at a PIVOT POINT and ready to enter OVERSOLD TERRITORY.
MACD: If MACD is pulled into OVERSOLD territory or anywhere past it's MEDIAN OF 0.00. This will be a strong indicator that price action will fail to hold onto its current channel of 4050 - 3800. And would essentially mean price action will retest past channel of 3800 - 3550.
POINT OF CONTROL: Price action must remain above LEVEL 1 SUPPORT of 4000 & LEVEL 2 SUPPORT of 3950.
SCENARIO #1: In a BULLISH scenario we would come to see price action bounce at 3950 then followed by a move toward 4150 before breaking pennant formation. (Not the safest bet since this scenario would VIOLATE RSI'S TREND FROM THE PAST YEAR)
SCENARIO #2: In a BEARISH scenario we come to see a break below 3950 that would leave to PRICE ACTION not seeing support until 3800. (This would fall in line with what current indicators are signaling)
FULL CHART LINK: tradingview.com/chart/UUCv2fGk/
ES1!
Bài đăng liên quan
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.