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