Recap Just like NQ, ES gave us a surprise run to challenge its year high early in the week. The interesting development, however, was that it developed a bearish formation of 3 pushes up while NQ and Dow also formed their own bearish pattern and started a significant selloff. Closed the week near Y-1.
Outlook 3 Pushes Up target not tagged yet. Thus more weaknesses is expected coming week. The target is approx. where B-2 is. So tagging that will point to the potential completion of the 3 pushes up selloff.
Since the 3 pushes up pattern is a continuation pattern and that it formed new year high by itself, after the correction is completed we can expect another run to retest this year high later.
Overview
Emini overnight range 1878.75 up to 1896.75
Overnight Midpoint 1887.75
Previous Day Mid 1887.00
Emini S&P is now trading at the top part of its range with a gap down. ...
S&P 500 Apr 09 to Apr 13 Outlook
Lawrence’s Comment
Just like NQ, ES gave us a surprise run to challenge its year high early in the week. The interesting development, however, was that it developed a bearish formation of 3 pushes up while NQ and Dow also formed their own bearish pattern and started a significant selloff. Closed the week near Y-1.
Outlook
3 Pushes Up target not tagged yet. Thus more weaknesses is expected coming week. The target is approx. where B-2 is. So tagging that will point to the potential completion of the 3 pushes up selloff.
Since the 3 pushes up pattern is a continuation pattern and that it formed new year high by itself, after the correction is completed we can expect another run to retest this year high later.
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