It's been about a million years since I looked at any of the William J. O'Neill stuff, but I thought a handle is supposed to be flatter. Isn't there a rule of thumb that the handle can't retrace more than either 1/3 or 1/2 of the most recent up move? Just eyeballing that, I wonder if the handle retracement is too steep? I dunno.
Perhaps a retrial with the possibility of a death sentence for Mr. Market is preferable to an 11:59 p.m. call from the governor indefinitely staying the execution or commuting the sentence.
For those of you with a perverse death wish like me that often like to trade shorter term charts, anyone have anything much different for today? 15M ES.
It was a Fed Open Mouth Day yesterday, but even so as the market was moving so wildly between about 3185 and 3220, I was thinking of Galloping Gertie. Didn't someone on here use the analogy in years past? Yesterday something felt more odd than usual, even for a Fed Day.
Advanced Get make-or-break and MM lines in my software still have me worried about ES 3047 though. Hit. Hope I'm wrong. Die. Pig. Die.
https://www.youtube.com/watch?v=XggxeuFDaDU
3086 gave way for now. Is 3047 ES is asking for too much today? I think a decline to there might put us maybe inside the top 5 or 10-ish of all time point declines in a day, but maybe not that big of a deal in percentage terms. Sept ES is tracking about 12 points behind S&P and I'm too lazy too look it up.
Maybe it's just "time". 🙂
I suppose Crapvision wouldn't have much of a raison d'etre if the reason given for a selloff was "there were more sellers than buyers today" . . .
ES Daily continuous, reflecting September contract price at present, broken into eighths (aqua colored lines) from Feb high to March low. The pattern since the March low has basically been 3/8 up, 1/8 down 3 different times to make the 7/8 move up. Moves down off a 7/8 line (87.5%) tend to be fastest. We are at an interesting point already this morning after the most recent 3/8 move up. Now what--bloodbath, or just another blip?
Today's Sesame Street is brought to you by the letter W. So if we have essentially gone nowhere since April 29 on ES, why has this rangebound market felt so relentlessly up to me? Maybe it's buried under the big W?
I think we have seen this movie before. The old clever gambit aimed at a double-reverse mind eff "trickeration"--if memory serves, you pulled a similar trick on February 20, and look what happened after that. Maybe, just maybe it will work again. 👍
