ES Hourly
I can't for the life of me make out what it is that I'm looking at.All I know is that I'm NOT selling.
I know that both SPX and DOW are not looking good. Even the XLF has fallen through support. But I just don't feel that market's going to plunge. This is the strangest thing for me to say, coz for the past 6 months, in everything that I've traded, I've asked for it to just PLUNGE for goodness sake. A decent market correction was way overdue then.
But where we are now - is this where we're supposed to land?
Whatever the case, I'm going with my charts.
Game Plan
If ES breaks above ceiling of falling wedge (blue trendlines), I'm long, and will set my exit target s at 797 - 804.
If it breaks below the wedge, I'll wait for a pull back and see if it goes back up into the wedge and breaks above it subsequently. With price at this level, it's difficult for me to trust a downward breakout from a falling wedge.
If it breaks below the wedge, I'll wait for a pull back and see if it goes back up into the wedge and breaks above it subsequently. With price at this level, it's difficult for me to trust a downward breakout from a falling wedge.
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