I love the steady gradual beat down like we had today when I'm short. I didn't like how quickly the last 30 minutes dropped but I'll deal with it. Staying short.
Why exactly? you want like as many buyers in the setup as possible for when the real rug pull happens? Or different reasoning? You still targeting 4265? I am looking at 4410 ES monthly support personally. Think good probability we eventually go lower than that, but so far both NQ and RTY have had some decent bounces off their monthly support. So, I'd be looking for ES to give the same thing.
4265 would be a minimum target. ---I don't like quick moves down because there generally is no long term trend quality to them and buyers step in quickly. Steady downmoves are more likely to have substance and longevity.
My macro / long term view based on a monthly chart is: ES 3105-3262 Would be a standard pullback on ES based on monthly chart, if I were to treat it just like a smaller time frame. 8613-9222.25 For NQ and 1584-1690 For RTY I know a lot of people here are mainly day trading myself included, so I just take it day by day , but honestly the way NQ Daily and RTY Weekly are setup we are starting the building blocks to set up a move to those below levels and given current readings would not be surprised at all if we move there over the next couple of months.
Sounds a bit like “sell the leaper, buy the creeper “ When looking at a weekly chart - weekly range, prior weekly lows - the indexes are in the vicinity of a temporary bounce I would think
Nice I like that, I am looking for 4410ish and if we bust right through that than 4334-4368 is where I'd be looking for some stabilization.