Trade Alert

While not a formal trade alert, it’s worth noting the recent patterns in the e-mini S&P 500.

The four-hour chart below shows a sizable wedge pattern that began on September 22nd. And continues into today. Notice also that in yesterday’s trading, our target formula happened to show a price target at exactly the bottom of this 4 Hour wedge. Obviously, when this breaks we should expect a significant directional move.

Trade Alert 4 Hour Chart

Wedge Pattern $ES_F

Wedge  on Emini SP500 $ES_F

Trade Alert Daily Chart

The daily chart further clarifies this wedge and also sheds light on the fact that by technical definition, the $ES_F is in a downtrend. Admittedly, we have seen this stalled pullback play frequently over the past years, only to return to a bullish move. I will be sharing the target formula levels from the daily chart during our trading day discussions.

Daily Chart $ES_F

Wedge Pattern $ES_F Daily Chart

Be sure to send me any comments or questions and, as always, trade well and be well.