ES1!: ABCD completion with negative MACD divergence
This is a follow-up from my 27th Dec call for a counter-trend rally to the 2,700 region. Right now the ES1! is 59 points away from the target and:-
#1 At the 50% retracement level
#2 Completed an ABCD from the trough
#3 Negative divergence between the MACD and price action.
#4 There is a little tiny wedge for which the upside target has been achieved.
Being long or buying at these levels simply ignores the fact the Donald has not left any room for negotiation either on Chinese trade or the government shutdown. His goals in both instances are so extreme that anything less would result in a roasting by Fox News while it is impossible for the Chinese or the Democrats to agree to the Donald's more extreme demands. The Dealmaker has boxed himself in and thrown away the keys.
In other words, it is time to take money off the table and wait for the next trade.
#1 At the 50% retracement level
#2 Completed an ABCD from the trough
#3 Negative divergence between the MACD and price action.
#4 There is a little tiny wedge for which the upside target has been achieved.
Being long or buying at these levels simply ignores the fact the Donald has not left any room for negotiation either on Chinese trade or the government shutdown. His goals in both instances are so extreme that anything less would result in a roasting by Fox News while it is impossible for the Chinese or the Democrats to agree to the Donald's more extreme demands. The Dealmaker has boxed himself in and thrown away the keys.
In other words, it is time to take money off the table and wait for the next trade.
