Well, no one has a crystal ball -- and when you Think you have a crystal ball...that's when you start to lose money, rather quickly. It's way too early to say the peak has been hit. You have a ton of lifting support...there are plenty of trading/investing/savings apps, and commercials and advertisements for them, and a ton of people across social media touting, teaching, trading and investing. Everyone's at home, not interested in working. Just staring at their screens like zombies watching social media and movies and news and games all day long, wanting to get rich trading/investing/dabbling in the market. That's why the market has been going up and up, and that won't change any time soon in the immediate future. The market, right now, has nothing to do with traditional, basic, moving averages and charts. It kind of rarely does. You have to understand the art and science of trading, and psychology and emotions and people and wisdom and philosophy. I know what I'm talking about...because I'm an Elite trader. Are you,
Correct. The uptrend will not have been broken unless we lose the previous low near 4350, which is also right near the 100SMA.
We now have on ES 2 weeks in a row which both closed down on the week (net change), traded from the week high to the week low, closed at bottom of the range and made new lows on the week. That's not happened very many times over the last 16 years or so. I only count 10 occurences of that specific pattern. I won't bore you with the exact details, but generally, the outcome for the week ahead was fairly bullish most of the time (70 %). Meaning the main move up and a positive net change.
well , down moves do get longer in an uptrend....... it is easy to say that 4700-4900 would be touched before any bigger downmove occurs, it is not easy to know when this current down trend will end and how we should enter and when we should enter and how the capital and stop should be managed. direction is easy to know....... capitalising that knowledge is what makes you a master trader
welcome you are now entering trader country if there was paradise for a trader....it is this ...it is this
yep looks like a sharpish fall will happen to clean out the weak bulls and then the spike to highs to then clean out the weak bears....... the plot never changes......only opening and closing nights do the exact levels from which all this happens is always a mystery..... this is what fascinates me about markets,,,,,they repeat .....and yet i do not have a clue.......poor as always
For this case, simply use a straight ruler and draw the rising trendline to determine the trend direction. It is on an uptrend until the chart says otherwise. If it breaks the rising trendline, it doesn't mean it is the start of the downtrend.