I don't dispute existence of patterns, be they conventional or more of a proprietary nature, their positive expectancy rate is IMO more random than what some would like to believe, hence best of the best deliver 60% win rate at best of times. Let's not forget that positive expectancy isn't just based on getting direction correct, but stop placement.
You can know if the price action is a pullback or reversal in real-time via whatever definition you're using. The real issues...will the price action continue as a pullback or reversal after your identification of such and will you be able to exploit such for profits Long or Short within the pullback...Long or Short within a reversal. The reason why I said Long or Short within each is because some folks like to fade their identifications (e.g. fade breakouts).
All of you are focused on /ES if you took a look at /NQ you would see a classic Stegosaurus pattern forming. Definitely a reversal.....
EOD bars have established an ascending channel with a touch of the lower line today. Damn if this doesnt sound like D....
Would not b surprised if D (and N) bought the bottom of the 'real' chan Wednesday. anyone able to anticipate where the actual bottom will b based on the quasi abuse of chan rules in this pic?