Late Bulls have been hurt this week with the reversion back to "value area" per MP. Bears show strength here and the risk is certainly to the downside now. Few levels of support where the Bulls can recharge today but below that is a lot of room to move lower. A lot of back and forth, indecision taking place the past month which is perfect environment for the real,...
We saw a false breakout of the balance and the price returned back into the balance
For now we can wait for the retest of higher balance level and sell at 2785 with stop 2803,75
The target is the middle level of the balance (2733) or the low level of the balance (2696.75)
Bears attempting to put a stop to the charge to 2820 but unlikely they'll succeed in the long run. Bulls do need to regain control of 2781 today though as if they don't Bears will grow in strength. Per MP, price hanging in "upper extreme" area of price distribution and flirting with upside extension.
Few things at play today...1) 2820 magnet impacting price gravitation 2) Price currently creeping in the upper "extreme" section of the larger time-frame wave per MP... The price magnet rules all but price itself will need to decide if it is time to trend or to rotate back to "value". 2789 Holding Zone will be the line drawn in the sand for today. Above that is all Bull.
2820 is the Bull's target and price magnet. We love seeing these large quick spikes because we all know what they lead to. But for now, look for last week's optimism to carry over into the early part of this week. Swing high potential later this week
Typical back and forth price fluctuation in "value area" of the 2647-2787 larger wave. Price stayed "contained" in Wednesday's trade. Thur appears to open above that first gate (to 2820). Today's strategy is to think small to big with much potential to get behind a "runner". Bears need to defend 2740 zone. Above that is free money. Bears will also regain momentum...
2018 is the year of ES. Great moves overnight, great moves during the day. Today's setup is a consolidation play. We see our barriers (bull/bear zone). If those are broken, I expect price to stretch, whichever direction that will be. Randomness will decide that for us.
Short and Sweet. This gap is probably going to fill.
+1 long 2690
T1 - 2617
T2 - 2730
If you ride this trade out longer than this you are betting we will get through our directional pivot and that I cannot be sure of. But this gap is most likly going to fill. The context is way off. Goodluck!
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Bulls haven't forgot about their 2820 magnetic target. They are drooling at the thought of getting there. Bears need to defend 2740 Bear Zone today if they want to put up any fight. No real resistance up beyond that way. 2646-2790 is the current wave to work off of per Market Profile. Price attempting to get over that "value hump" to the upside. This is the war...