ES1!: RALLIES & FALLS / UPDATE / POINT OF CONTROL: 4000 & 3950
DESCRIPTION: In the chart above I have provided a MACRO analysis of ES1! a future INDEX on the daily timeframe.
POINTS:
1. Deviation of 250 points would justify placement of SUPPLY & DEMAND POCKETS.
2. Pennant Formation
3. Current CORRECTION FALL is roughly 5.55% falling short by nearly 5% when compared to other CORRECTION PHASES.
RSI: Since the inception of the current bear market price action has only held one time when RSI is at a PIVOT POINT and ready to enter OVERSOLD TERRITORY.
MACD: If MACD is pulled into OVERSOLD territory or anywhere past it's MEDIAN OF 0.00. This will be a strong indicator that price action will fail to hold onto its current channel of 4050 - 3800. And would essentially mean price action will retest past channel of 3800 - 3550.
POINT OF CONTROL: Price action must remain above LEVEL 1 SUPPORT of 4000 & LEVEL 2 SUPPORT of 3950.
SCENARIO #1: In a BULLISH scenario we would come to see price action bounce at 3950 then followed by a move toward 4150 before breaking pennant formation. (Not the safest bet since this scenario would VIOLATE RSI'S TREND FROM THE PAST YEAR)
SCENARIO #2: In a BEARISH scenario we come to see a break below 3950 that would leave to PRICE ACTION not seeing support until 3800. (This would fall in line with what current indicators are signaling)
FULL CHART LINK: www.tradingview.com/chart/UUCv2fGk/
ES1!
POINTS:
1. Deviation of 250 points would justify placement of SUPPLY & DEMAND POCKETS.
2. Pennant Formation
3. Current CORRECTION FALL is roughly 5.55% falling short by nearly 5% when compared to other CORRECTION PHASES.
RSI: Since the inception of the current bear market price action has only held one time when RSI is at a PIVOT POINT and ready to enter OVERSOLD TERRITORY.
MACD: If MACD is pulled into OVERSOLD territory or anywhere past it's MEDIAN OF 0.00. This will be a strong indicator that price action will fail to hold onto its current channel of 4050 - 3800. And would essentially mean price action will retest past channel of 3800 - 3550.
POINT OF CONTROL: Price action must remain above LEVEL 1 SUPPORT of 4000 & LEVEL 2 SUPPORT of 3950.
SCENARIO #1: In a BULLISH scenario we would come to see price action bounce at 3950 then followed by a move toward 4150 before breaking pennant formation. (Not the safest bet since this scenario would VIOLATE RSI'S TREND FROM THE PAST YEAR)
SCENARIO #2: In a BEARISH scenario we come to see a break below 3950 that would leave to PRICE ACTION not seeing support until 3800. (This would fall in line with what current indicators are signaling)
FULL CHART LINK: www.tradingview.com/chart/UUCv2fGk/
ES1!
