E-Mini S&P 500 December Contract
2021.11.19 Analysis
Daily Chart
Daily Bullish Bias remains on break above market structure point B @4723.50. Since 2021.11.10 low point A @4625.25 price has not had a 50% retracement to qualify for a change in market structure. Therefore overall Daily Bias remains Bullish.
1 Hour Chart
7 hours after the break above daily market structure @4711.75, price has moved lower into the previous internal swing 70.7% @4684.25 or point a, and then back towards the high 70% @~ 4712.00 or point b. It would appear to be a possible start of a Bearish internal market structure.
Bearish Price Projection favors a break below point a @4684.25 and lower to pair up sell stops @ 4668.00 and lower into the 1LC @4665 as a minimum price target.
Bullish Price Projection would see a continuation to the upside and a break back above points b and B on the daily chart in line with the previous break in market structure @4711.75.
Daily Chart
Daily Bullish Bias remains on break above market structure point B @4723.50. Since 2021.11.10 low point A @4625.25 price has not had a 50% retracement to qualify for a change in market structure. Therefore overall Daily Bias remains Bullish.
1 Hour Chart
7 hours after the break above daily market structure @4711.75, price has moved lower into the previous internal swing 70.7% @4684.25 or point a, and then back towards the high 70% @~ 4712.00 or point b. It would appear to be a possible start of a Bearish internal market structure.
Bearish Price Projection favors a break below point a @4684.25 and lower to pair up sell stops @ 4668.00 and lower into the 1LC @4665 as a minimum price target.
Bullish Price Projection would see a continuation to the upside and a break back above points b and B on the daily chart in line with the previous break in market structure @4711.75.