Update 3:38pm EST: target of box trade is exactly 23.6% retrace of the rally 827.25
boxtrade
Update 3:20PM: 863.50 was tagged and selling off, looking for 837.5 and 831 to trade for further direction
Update 3:07pm EST: Failed new high / possible intraday double top would be confirmed by trade below 831. 827.25 is still the level to watch on the way down. 100k share trend is chopping around and no confirmation of bull trend, current indication bearish.
Update 3:00pm, ES pulled back to 836 ambush long area, watch it for short term clues. Be careful, in the last hour.
Update 2:40pm EST: ES has violate 61% zone of the ambush, all trends still bullish, 100k share trend is putting in first green bar, retest of highs likely, looking for ES hod to be confirmed by $Tick hod
Update 2:18pm EST: Euro has pulled back, watch 1.3424 level as its 23.6% retrace of this rally and previous resistance
Update 2:06 pm EST: considering possible trend change 836.5-837.75 short ambush area will be key
Update 1:58pm EST: if Ambush zone gives watch 827.25 for support, 23.6% from the lows of recent move
Update 1:40pm EST: Critical point for ES right now, at daily 50% retracement in 832.75 area, with 100k share trend producing a sell signal
100ktrend
Update 1:09pm EST: Daily Ambush Long 832.75, if we get that low will be a critical level to watch. 827.5 is 23.6% retracement of this 2 day rally
Update 12:27pm EST: Euro making new highs, ES Bumping up against resistance of November / january highs:
dailytrendline
Update 12:02pm EST: Euro broke out of consolidation and seems to be heading for highs, if highs broken next target 1.3532 (61% range expansion)
Update 11:46am EST : just generated 2 red 2500tick bars for the 4th time today, 3 previous ones failed to get anything bearish started. Just a heads up
Update 11:11am EST: Slow grind of pain for the bears continues, still no tick confirmation, Gold continues to roll over to new lows, still awaiting $tick confirmation, 842 is weekly R1, doesnt seem there is a limit to how high this could go today.
Update 11:03am EST: ES emini continues to grind higher, there is approximately 0.00 reasons for longs to sell or shorts initiate short positions with such strong tape
Update 10:52 am est: new high not confirmed by high tick, seems like this will just keep grinding higher. Wont be considering any short set ups until 100k trend suggests start of a bear trend. Euro looks tired from all the whipsaw today, continues consolidating
Update 10:33am EST: as expected there has to be at lest some sort of pullback a such significant double top & retracement level from November highs. 2500tick has been red for past 5 bars, 100k and hourly+ still green. Note that since yesterdays low many highs retraced 23.6%, so retracing to 820 (current 23.6% level) would still be very strong uptrend for the markets.
Update 10:18am EST: New ES highs not confirmed by new high $tick
Update 10:16am EST: Gold has just traded in the 800s for the first time since that huge move from under S3 to above R3 in hours. Euro is consolidating around the ambush zone from the highs. ES is looking extremely strong still, no signs of weakness yet.
Update 10:02am EST: came within 1 tick of ambush from November highs confirmed by new high $tick on the new high. Tape remains very bullish internals and trend wise.
Update 9:57am EST: watch out for the 10am number, overall globex high of the rally830.5, euro traded above 61% retrecement of the rally making a more bullish case to retest the highs.
Update 9:42am EST: another huge gap on the daily’s, 832.75 marks the beginning of ambush zone from November highs:
gap
Update 9:35am EST: Euro at 1.344 50% retracement form the highs, watch that level for further direction
Update 9:05am EST: Range expansions continue to work on both the euro and es this morning, check out EC range expansions from the recent ambush. If highs are broken, next possible target 1.3532ecrangeexpansions1.3500 on the Euro is also 61% line from the highs of the rally
Good Morning Traders,
rather eventful overnight session in anticipation of m2m and ECB, check out this beautiful range expansion on ES!
rangeexpansionYou simply can’t ask for much more from mr Fibonacci.
Also another exhibit of perfect TA, this cup and hangl pattern, which after break out reached it’s target to a tick and retraced good 5 points, after that braeking new highs , retesting them and heading for new highs on more occasions finding resistance at the rally highs. Excellent technical trading overnight.
In Daily analysis I flagged consolidation, breakout out of which should determine further direction of the euro, after breaking out of the triangle euro went right up and found resistance at 50% retracement of the whole rally and bounced for quick 80pips within minutes:
eurobreakoutPlease see Euro rally targets for previously flagged targets of this particular rally with target of second Fib confluence being hit to the tick!
Big time rally in world markets as well
worldmarkets
Thanks for visiting and good trading to all
Cheers