ES Bullish Falling Wedge Pattern Pullback May 23rd 4215 Target
Since leg 1 of the move higher back in May 4th, Price has been consolidating in a bullish falling wedge going sideways. 4125 has been major support with occasional dips below just to hit stops. There is a massive peak formation at the High of the Month. What did price do today on May 17th? It went up to hit stops and right under the peak formation of 4175.
If you missed this move, then no worries because after a break out, price always pulls back. I am placing my limit buy where I think it will pullback to. A backtest of the top of the wedge. I don't see a reason why price will dip below 4125 again IF its objective is to Hit the HIGH OF MONTH STOPS.
2 Range expansions also places the objective at 4215, the same as the measured move of the Legs.
This is what makes the most sense to me. Happy Trading
Preserve your Precious Capital.
If you missed this move, then no worries because after a break out, price always pulls back. I am placing my limit buy where I think it will pullback to. A backtest of the top of the wedge. I don't see a reason why price will dip below 4125 again IF its objective is to Hit the HIGH OF MONTH STOPS.
2 Range expansions also places the objective at 4215, the same as the measured move of the Legs.
This is what makes the most sense to me. Happy Trading
Preserve your Precious Capital.
Comentarios:
The pullback I was looking for happened intra day at 2pm est. at 4175. Hitting the target of 4215 with ease. I wasn't around as I had made my profits earlier that morning. Note to self to keep watch.
From there I don't know. I am just following what the chart is telling me without my own bias. I don't care where AAPL wants to go