The past 3 days has been playing a bullish consolidation pattern given the ongoing bull train/trend setup above daily 20 EMA. This allows the market to trap in more market participants and then ramp higher.
The billion dollar question for this week is quite simple: Could bulls score in a big way and break above the 2875/2885 range high resistance levels on the Emini S&P 500 (ES), squeezing into 2930 and beyond?
Tuesday closed at 2844.5 in the ES, around the dead highs of the session, which was also above the 50% Fibonacci retracement of this entire drop, 3397.5-2174. The battle lines have been drawn for both sides.
We're watching closely on how the market reacts on a first- try basis on backtesting the Dec 2018 lows for short-term momentum gauge and to see if there's any applicable scalp setups or remain in heavy cash positions for now.
A few too many bear cubs celebrating too early after being wrong for months and last week’s carnage is being hyped up so pay attention for a potential quick reactionary short squeeze as the temporary bottom setup from Friday remains pivotal.
The bulls did not have enough juice to close above 3337 on the Emini S&P 500 (ES) for the closing print and the mythical creatures/bears got what they wanted for just a single day by closing around the lows of the day.
What I love about EW is you know when things go wrong and you know when to get out of a position at minimal damage...it has helped so much in my RR work
""Kenneth_Aydt" - Trading Room" - 2019-10-03
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""Talapus" - Trading Room" - 2020-01-27
My 401K money has been protected during this, and I'm making money in little chunks in my trading accounts. And that is all thanks to Avi, HD, Garrett, Zac, and so many great members here. Sincerely, my account and my family say a huge THANK YOU to you all.
""Franchise"" - Trading Room2020-03-16
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""Bcindc"" - Seeking Alpha2020-03-09
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""joneil" - Trading Room" - 2020-09-23
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""Nanook" - Trading Room" - 2018-11-08
When it comes to navigating the markets, I feel like I was driving with a blindfold on before finding EWT.
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""Blue Chip Investing"" - Seeking Alpha2020-04-12
Avi applies the most rigorous application of Elliott wave and Fibonacci analysis that I have seen. Add to that the invention of Fibonacci Pinball, a simple and elegant Fibonacci extension theory that I haven't seen anywhere else. It provides an almost eerie sense of direction once a second wave is identified.
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