ES1 weekly on Ichimoku chart, suggests that the market had been oversold. Diverge distance between the cloud above and all the way down to Friday low is over 16%. This market plunge is almost the same as the one from 2008 financial crisis.
However, back then, the market had a strong rebound the following week. Same pattern could emerge this time also.
Moreover, the fact that the market had dip into Keltner band (blue band) below suggests that it was over sold. The bounce could actually continue for several weeks ahead of mid-term election early Nov in the US.
However, back then, the market had a strong rebound the following week. Same pattern could emerge this time also.
Moreover, the fact that the market had dip into Keltner band (blue band) below suggests that it was over sold. The bounce could actually continue for several weeks ahead of mid-term election early Nov in the US.