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Trader522
Jan 7, 2017 9:54 AM

Awaiting a correction soon Short

E-mini S&P 500 FuturesCME

Description

Waiting for a correction down in this market soon. I have exited most of my long positions, but do still keep one alive to try time the breakout.

A few points in favor of this idea;
  • There are two wedges forming inside the daily channel
  • Upper channel line has already been touched once by last bullish wave.
  • Bollinger bands are getting very narrow, implying a breakout (most likely down) soon.

Comment

Possibly some more upside before a correction:

Comment

Possible long term development. Several wedges developing:

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