Sunday overnight action: Futures ran up to 1313.5 (5 am) and dropped from there 3+ pts. So we overshot the 3rd top target by a few points but we already had a decent drop, so technically the pattern is over. It remains to be seen if it gets repeated during RTH.... Oh yeah. Never fight the dragon! Edit: Answering the question below me: The size of the drop is not predicted by the pattern and the 3+ pts drop could be it. It could also be a much bigger drop, it is impossible to tell. A possible scenario is to repeat the whole thing during the first 30 mins of RTH, then we drop from there like a stone. But again, nobody can tell.
Pekelo According to your projections, ES reached its target overnight and should drop from there...agree? Edit: Thanks. The 3rd top projection was right on the money, in fact I was holding a long position over the weekend and set my target at 1312.50. This dragon pattern helped me with the target because there are no nearby reference points...we are at new multi-year highs, always difficult to decide where to take profits at...
had my add-ons kick in --- 6 to 1 ratio - 12.00 ave short- reduced to 1/2 @8:45 est 1310.75 short now from 1313.25
A retracement is long overdue but you never know with this market...it could keep rising and rising forcing shorts to cover...