ES Bear Flag
ES nearly filled the gap today from Sunday evening, but rejected before it did. That was also another test of 5300 that briefly overshot before erasing the entire move. This is the second time in the past week where ES and NQ have rallied substantially and then reversed the entire move in 24 hours. The volatility I have been warning about is here and this is the new normal until VX cools off, if it does anytime soon. I'm not sure if it will, but for now I see this action as extremely concerning for bulls.
ES did have a very nice inverse H&S that led to today's rally, but it quickly stalled and failed after it broke 5300. We saw some large orders coming in up there around 5310 and 5300, which I think is significant enough to note. ES has been forming this clean bear flag since opening Sunday night and today it rejected off the top end and came all the way back to the bottom end and closed nearly right on the line. This is critical if bulls can not save it here, ES and NQ are likely to break below the April lows this week if bulls do not step in.
That would just makes things a whole lot worse. As I've said, this is just the beginning. Price will not go straight down, we'll have rallies and short squeezes. However, there is a high probably of continued downside for at least 2-3 months in my opinion. If we break April lows, the next major target is 2023 lows, which seems very far away for most. Price can get there faster than anyone can imagine, be careful out there.
ES did have a very nice inverse H&S that led to today's rally, but it quickly stalled and failed after it broke 5300. We saw some large orders coming in up there around 5310 and 5300, which I think is significant enough to note. ES has been forming this clean bear flag since opening Sunday night and today it rejected off the top end and came all the way back to the bottom end and closed nearly right on the line. This is critical if bulls can not save it here, ES and NQ are likely to break below the April lows this week if bulls do not step in.
That would just makes things a whole lot worse. As I've said, this is just the beginning. Price will not go straight down, we'll have rallies and short squeezes. However, there is a high probably of continued downside for at least 2-3 months in my opinion. If we break April lows, the next major target is 2023 lows, which seems very far away for most. Price can get there faster than anyone can imagine, be careful out there.
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Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
ko-fi.com/advancedplays/tiers
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
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