Recap ES failed to clear 1650 and dropped down to the gap below as expected. Multiple 75% swings producing a triangle pattern on 30-min. Closed the week below Y-0 and midpoint.
Outlook Triangle breakout mode.
A surprise to some, but chart pattern points to slight favour for breakout to the downside with target B-2 down to Y-2.
Since last update, there were 2 attempts of 1% bounce. Both failed to get any legs.
From both cases, the melt down mode were triggered leading to more selloff.
5% drop target ...
S&P 500 Jun 17 to Jun 21 Outlook
Lawrence’s Comment
ES failed to clear 1650 and dropped down to the gap below as expected. Multiple 75% swings producing a triangle pattern on 30-min. Closed the week below Y-0 and midpoint.
Outlook
Triangle breakout mode.
A surprise to some, but chart pattern points to slight favour for breakout to the downside with target B-2 down to Y-2.
Upside breakout needs to clear B+1 first.
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