Short Harmonic Pattern on ES Mini - Double Top + All Time High
Over the course of the last 2 days, there have been extensive bad news about the US economy. Neither one of those were taken into account by the market.
It appears the only thing that is taken into consideration is the FED Minutes in which they imply on keeping interest rates longer than expected.
I don't see how this compensates the slowing economy...but rather just delays the actual correction.
The current price forms a double top and a bearish harmonic pattern. Add the psychological 2100 resistance gives a nice confluence for a short opportunity.
In addition the current price perfectly aligns with the 1.27 Fibonacci extension of the previous high "B" which by definition is one of the two perfect short opportunities (other being the 1.61)
If it breaks and closes above 2100, next target will be 2120 which is the 1.61 extension based on "B".
It appears the only thing that is taken into consideration is the FED Minutes in which they imply on keeping interest rates longer than expected.
I don't see how this compensates the slowing economy...but rather just delays the actual correction.
The current price forms a double top and a bearish harmonic pattern. Add the psychological 2100 resistance gives a nice confluence for a short opportunity.
In addition the current price perfectly aligns with the 1.27 Fibonacci extension of the previous high "B" which by definition is one of the two perfect short opportunities (other being the 1.61)
If it breaks and closes above 2100, next target will be 2120 which is the 1.61 extension based on "B".