If yesterday was the top, I still expect a move up after fomc to about 3900+ and then drop to around 3700 over the next week or so (red path). If yesterday wasn't the top, a ramp up to almost 4k could be in the cards for the end of the week (yellow path). I think a breakdown after FOMC is more possible since the action overnight does not look like a reversal, but corrective. FOMC is 2pm, don't expect much of anything till then. Good luck!
Commento:
3900 area on ES reached, rejected from there (delayed chart) looks like ABC (c, the spike up)
Commento:
over and holding 3900 would be bullish. Under 38200 is bearish and we probably visit 3750 quick
Commento:
so far red path is playing out but nothing certain yet, heavy whipsaws both ways. adjusted trendline for channel.
Commento:
pitchfork fib at about 3800 reached, a break below and the next fib is around 3750
Commento:
if we reach 3740 it may rally giving us the formation of another possible head and shoulders. A breakdown would then test the lows but it doesn't have to go that far. I believe this is possible as a very large ABC into December
