SP500 FUTURES: End of consolidation, resume of downtrend
I HAVE NO CLUE
THIS IS ONLY MY THINKING EXPRESSED IN WRITTEN WORDS AS A WAY TO ORGANIZE MY THOUGHTS
THIS APPLIES TO:
MES1!
ES1!
SPY
SPX
AFTER ATH A -16% DOWNTREND
CONSOLIDATION IN TRIANGLE SHAPE
DOUBLE REJECTION FROM 50% RETRACEMENT OF DOWN MOVE
TRIANGLE BROKEN TO THE DOWNSIDE WAIT FOR A CLOSE BELOW TRENDLINE
SO, WHAT ALL OF THIS MEANS TO ME:
1 - DOWNTREND + CONSOLIDATION = RESUME DOWNTREND
2 - CONSOLIDATION END = CLOSE BELOW TRENDLINE AND 38.2% RETRACEMENT
3 - IF 2 = LOOKING FOR GOOD ENTRY LOCATION TO PLACE SHORTS
THIS IS ONLY MY THINKING EXPRESSED IN WRITTEN WORDS AS A WAY TO ORGANIZE MY THOUGHTS
THIS APPLIES TO:
MES1!
ES1!
SPY
SPX
AFTER ATH A -16% DOWNTREND
CONSOLIDATION IN TRIANGLE SHAPE
DOUBLE REJECTION FROM 50% RETRACEMENT OF DOWN MOVE
TRIANGLE BROKEN TO THE DOWNSIDE WAIT FOR A CLOSE BELOW TRENDLINE
SO, WHAT ALL OF THIS MEANS TO ME:
1 - DOWNTREND + CONSOLIDATION = RESUME DOWNTREND
2 - CONSOLIDATION END = CLOSE BELOW TRENDLINE AND 38.2% RETRACEMENT
3 - IF 2 = LOOKING FOR GOOD ENTRY LOCATION TO PLACE SHORTS
AFTER A 350 POINT DECLINE SINCE THE IDEA WAS PUBLISHED IT HIT SUPPORT AROUND 2700 (2009 SUPPORT TRENDLINE)