2/09/20 11:42pm EST. update: 'C' extends- possible new price structure:
Interesting day but let's stick with data for now. Could be a completed A-B-C move down so far. (1% move down on the ES from it's extended hours high). The chart shows that four fib. alignments did occur and the low is close to the fifth. Statistically, it could be a completed leg or a sub-leg in a larger down structure. If it remains corrective in nature it could fit with the global trading signal we observed today that was not bearish in it's internal vectors. If the bullish intent of that signal was only to hit the mid-morning highs and fill the gap on the S&P then caution is definitely warranted as there are several data patterns displaying negative set-ups.
Watch is Active- we await for bots to flag a new top signal.
The weekly advance-decline (nyad) MACD is very low but could move up off it's lows temporarily next week.(see chart 2 below chart 1). The slightly elevated put-call ratio today might be supportive of that idea.
Also- see additional info notes below chart 2.
The bots will flag a "V" when they see a top.
Our favorite go to site- McVerry Report
This information is for entertainment purposes only. Financial loss can occur from investing.
..and the weekly advance-decline (nyad) MACD plot with historical comparison-
Speculation: If the price structure is a megaphone or something similar, it would not be unusual to see the final price move spend some time bouncing at/near/above the price trend line until it reaches it's tipping point (target). In the above chart scenario, that could be during the temporary relief portion (assuming a relief actually happens) which could also equate to point 'D' (our labelling) on the structure we described earlier.
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