Micro E-mini S&P 500 Index Future Monthly Timeframe Analysis
/MES is up 111.45% the past 44 months (3.92 years).
Trend Analysis (#thestrat):
- 2down-2up reversal
- Approaching exhaustion at the top of broadening formation @ around ~4750
Chart Patterns:
- Double Top @ 4808.75 and 4634.50 with neckline at 3502
Results:
- Bearish Target 1 @ 4122.25
- Bullish Target 3 is 4622
- Bullish Target🎯2 Hit @ 4566
- Bullish Target🎯1 Hit @ 4430.50
Conclusion: /MES may move up another few ticks before coming down for being exhausted due to passing through the two bullish targets (Oct and Sept, respectively). Monthly bearish target is October Monthly Low at 4122.25.
Next Step: Continue down the Multiple Timeframe Analysis and View the Weekly and Daily charts to get a better idea of an entry point.
Trend Analysis (#thestrat):
- 2down-2up reversal
- Approaching exhaustion at the top of broadening formation @ around ~4750
Chart Patterns:
- Double Top @ 4808.75 and 4634.50 with neckline at 3502
Results:
- Bearish Target 1 @ 4122.25
- Bullish Target 3 is 4622
- Bullish Target🎯2 Hit @ 4566
- Bullish Target🎯1 Hit @ 4430.50
Conclusion: /MES may move up another few ticks before coming down for being exhausted due to passing through the two bullish targets (Oct and Sept, respectively). Monthly bearish target is October Monthly Low at 4122.25.
Next Step: Continue down the Multiple Timeframe Analysis and View the Weekly and Daily charts to get a better idea of an entry point.
Trade closed manually:
Bullish Targets 1, 2, 3 all hit🎯🎯🎯 (4430.50, 4566, 4622).
