The ES was ravaged last night by a range of about 22 1/2 points, to the down side. This inevitably caused Leg 3 of Bull Break, on the TREND Chart. We are officially in a Bear TREND (TREND Chart Basis).
However, what's interesting to note is that towards the close of the session, PRICE consolidated between PRIMEs at 1550.50 (Resistance) and 1540.50 (Support) & if PRICE is able to trade above 1550.50 during next week's trading session, it would give us Leg 1 of Back Door Bear Break. We shall see what this Bull is made of...
However, what's interesting to note is that towards the close of the session, PRICE consolidated between PRIMEs at 1550.50 (Resistance) and 1540.50 (Support) & if PRICE is able to trade above 1550.50 during next week's trading session, it would give us Leg 1 of Back Door Bear Break. We shall see what this Bull is made of...
Incidentally, Leg 1 of Back Door Bull Break, on the SWING Chart, was also created last night.
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