2/24/20 01:40pm ES The leg below the gap down has alignments matching fib extensions from the red arrow (so far). Statistically- the 3213.75 low is in close proximity to the 'c' leg of an a-b-c down that was eluded to earlier (-0.3%) so watching that for a possible retrace back up.
Chart update 03:00 EST.
2/24/20 11:00am EST ES May have formed/be forming an a-b-c (1-2-3?) down at the 3223.5 target zone. The lower white arrow x 2.6 extension ends at 3223.5 and might be more consistent with a 'c' leg down of an a-b-c at this juncture. The white (incomplete) horizontal line at the lower left of the chart (3/c proximity) is the overlap of the megaphone center line from a previous structural analysis so that might have some significance short-term.
Global Trading Signal: Moving towards 'Optimism'
Original Post:
2/24/20 07:25am EST Looks like the market did not want to wait and the completion scenario is jumping ahead to the 'larger structure' referred to in the previous post. An assessment of likely new short-term target zones is shown below. There is a possibility that the price pattern is fulfilling a degree size at the weekly level which would be a very significant call- that scenario was briefly looked at last week (not yet posted) but may now require a more in-depth look.
Global Trading Signal: Looks 'Neutral/Optimistic' - in the face of declining prices that could be indicating more downside to come as fear may not be showing up right away at least in a significant percent of short-term trading decisions. Let's see if that aspect changes today.
The bots will flag a "V" when they see a top.
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