Current scenario on ES-MINI S&P 500 by ThinkingAntsOk
Main Items we can see on the 4HS chart:
a)Using Elliott Wave Theory we can conclude that if we had ABC ( Bearish Movement) / ABC (Current Bullish Movement). Now we can expect a 12345 bearish movement following the idea of a Flat Correction
b)On every timeframe starting on the Weekly Chart we can see Divergences on MACD, (this kind of Signal is possibly showing the weakness of the bullish movement)
c)We have a Triple Top pattern, which is a major reversal zone that was tested on 2 Historical Maximums, and in this last bullish movement, the price was also rejected from there.
d)Currently, we have a Corrective Structure in which the breakout will give us valuable information about the direction the price may take
MULTI TIMEFRAME VISION:
-Weekly:
-Daily:
a)Using Elliott Wave Theory we can conclude that if we had ABC ( Bearish Movement) / ABC (Current Bullish Movement). Now we can expect a 12345 bearish movement following the idea of a Flat Correction
b)On every timeframe starting on the Weekly Chart we can see Divergences on MACD, (this kind of Signal is possibly showing the weakness of the bullish movement)
c)We have a Triple Top pattern, which is a major reversal zone that was tested on 2 Historical Maximums, and in this last bullish movement, the price was also rejected from there.
d)Currently, we have a Corrective Structure in which the breakout will give us valuable information about the direction the price may take
MULTI TIMEFRAME VISION:
-Weekly:
-Daily: