2 day price action is not the same as intraday PA. Anyway, need to further monitor the Globex tonight but if we break below today's low, which is VERY HIGH, then expect some real pain. This market will be in a serious trouble.
if you missed the 5580 pivot, EMA indications. 5440 is the next pivot to pay attention to and trade around.
As you can see, we're barely above the trendline. Were we to plunge tomorrow and pierce below the TL, this is what I expect to see playing out in the coming days.
there is nothing new in the PA whether it is bull or bearish, both patterns are repetitive historical in nature. I learned to trade PA just watch the bid and ask on the floor at the CBOT. On the floor they didn't allow personal computers or tech. So had to develop your own internal oscillator for bullish or bearish indications.
As they say, hindsight is your best friend. But weren't you feeling giddy, like everyone else, when ES was spiking higher by 100 points, thinking the selloff is finally over?
todays PA is just a bounce off the trendie at 5440, so the algo's just went with it and than reality set in about the future geopolitically/economically.