IMHO, I think the "tail" wags the dog far more nowadays than it did back in the Cook, LBR, Schwartz glory days. 3 OpEx's per week + Monthly/Quarterly OpEx, VIX futs/options, etc..(plus all the passive investing, etc). Even Marty went on record a few years ago saying he doesn't trade the outrights any longer, moved to options selling. Some of the really clean patterns that I saw back say 15-20 years ago no longer really exist, lots of bar overlaps, "crazy Ivan's", etc... Just my observation, I'm sure I'll get heat for just mentioning it.
Are you referring to the intraday or the daily? This chart is a daily of ES. As you can see it's a toss-up. We're hovering right at the trendline. We could bounce back up from here or we could simply break down. We won't know until it happens.
Shouldn't get heat. Sounds more logical / practical than a lot of the nonsensical bullshit that gets posted
My experience has been that if/when I post commentary about how or why the patterns have changed etc, I get unsolicited "advice" about how I should do this or that. Seriously, it's ingrained in some people to reply that way.
Intraday triangle on 5 mins. Also we are at trendline. But base looks strong enough for a quick bounce north before sell off. I this market I guess i will swing for 15-20 pts.