Happy New Year to all! So with the new year we have a more complex correction structure. The "bear pennant" is now broken to the upside but with no follow through on two attempts. On ES they touched the daily 18ma overnight and retreated. Also we are at a fib line of the pitchfork and a structural trendline which seems to be holding price back (blue line). I still expect a flush down to at least 3750 before a larger rally but if they can hold over these resistance points and especially hold over 3925 on an hourly close, it will look more bullish.
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what I'm watching at open.
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blue line was rejected, market is aware of it
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back to bear pennant trendline, they are trying to hold it but I think it breaks. Let's see...
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broke under and backtest, objective short to at least the lower line of the pennant.
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still watching this bigger picture for /ES
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so far 18ma on daily and BBs shaping this perfectly.
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Vix Daily BB at 24.20 area, weekly 18 at 25. Should be a magnet
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lower barrier of triangle reached. buyers will probably try to hold this. again I think it fails.
