Prices have soared for the last month and a half.
Only now have we experienced a stutter in the trend. Looking at the daily stochastic, there was a crossover that occurred yesterday to the downside.
Technically speaking, we failed to breach Feb highs today, while creating daily stochastic and MACD bearish divergence.
There is also a trend line which was broken...
Price has been consolidating between 3060-3140 since last week in an ascending triangle pattern. However, technically, we are in a downtrend and coming off an island reversal. Furthermore, bulls are unable to breach upper resistance to backfill the gap left from the reversal. Each time frame that goes by that this does not happen adds to the bearish...
Triple range expansion
Approximately 440 ticks
Just completed another range expansion
Expecting to hit lower T1/T2 this week
ES/NQ has entered a hidden channel similar to the 2018/2019 market correction rally. We are at the top of the channel, expecting a technical pullback.
Alternative scenario would be range expansion higher to T2 - 3538
Looking to short...