ES Futures Short Term Bull, Longer Term Bear
The chart is somewhat messy so I will try and be as specific with my call as possible. I have added expected candle stick ranges for the next 3 trading days, 4/21, 4/24,and 4/25. After those days I just drew using arrow lines rather than daily sticks. Expectation for each of the 3 specific days identified:
4/21: I expect a trading range of 2348.50-2364 with a potential drop to 2342ish area. I expect a sell of into the close as traders take profit and head to the weekend. I expect it to close close to even on the day forming a decent Doji.
4/24: Typically a Doji such as that expected for Friday leads to a few bearish days BUT WE HAVE BROKEN OUT ON THE DAILY and our now outside of the red downward-flag, which is usually a bullish sign. Now that we are broken out, I believe that Monday (4/24) we will retest the broken flag as support and likely break back into the flag but close on the day still outside of the flag. Expected low of 2338ish
4/25: I expect this day to mark the beginning of a big move to the upside with a solid green day, this time actually closing above 2360 level.
You can see my expectation from there is we test new all-time-highs, hitting resistance at 2410 area and then beginning a major descent with first level to test in the 2270's.
4/21: I expect a trading range of 2348.50-2364 with a potential drop to 2342ish area. I expect a sell of into the close as traders take profit and head to the weekend. I expect it to close close to even on the day forming a decent Doji.
4/24: Typically a Doji such as that expected for Friday leads to a few bearish days BUT WE HAVE BROKEN OUT ON THE DAILY and our now outside of the red downward-flag, which is usually a bullish sign. Now that we are broken out, I believe that Monday (4/24) we will retest the broken flag as support and likely break back into the flag but close on the day still outside of the flag. Expected low of 2338ish
4/25: I expect this day to mark the beginning of a big move to the upside with a solid green day, this time actually closing above 2360 level.
You can see my expectation from there is we test new all-time-highs, hitting resistance at 2410 area and then beginning a major descent with first level to test in the 2270's.