/ES & SPX have form both a bearish and bullish pattern.
A tug-of-war between sellers and buyers. At the current moment the bearish patterns have played out. The bullish patterns are forming strong support and more buyers are stepping in.
I’d envision a pull down to 4238.50 and consolidation at that level between 4263.25. However if 4212.75 is lost, a bigger bearish pattern will form and confirm, and continue to 4096.75.
Watching price levels of 4238.50(yellow dotted line) and how it reacts for the next week.
If we break out of the grey box we will be aiming for 4446.25
At this point, seeing that 4212.75 is intact I would say I’m still bullish, and this looks like a bear trap
I don't see a bearish divergence at all. The rejection is not as strong at 4586.
A tug-of-war between sellers and buyers. At the current moment the bearish patterns have played out. The bullish patterns are forming strong support and more buyers are stepping in.
I’d envision a pull down to 4238.50 and consolidation at that level between 4263.25. However if 4212.75 is lost, a bigger bearish pattern will form and confirm, and continue to 4096.75.
Watching price levels of 4238.50(yellow dotted line) and how it reacts for the next week.
If we break out of the grey box we will be aiming for 4446.25
At this point, seeing that 4212.75 is intact I would say I’m still bullish, and this looks like a bear trap
I don't see a bearish divergence at all. The rejection is not as strong at 4586.
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