Trading the S&P500 emini futures contract in the S&P500 day trading course live room. There has been a pierce and breakthrough of the support at the bottom trendline of the bullish channel. The bottom trendline could prove to be the present resistance level when the market picks up again. If the buyers should enter the…
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Looking at the structure of this Bull flag, or an ABCD Butterfly, or an inside W on a bearish channel. We can see that if the area to 1180 is supported for an extreme low, then a possibility this next week of a rally to 1320 and then a move onto 1410. This will be putting the market into a further ABCD pattern to the upside and a continuation to the previous swing highs on a monthly chart. This is a very long term projection but in the near term the bullish flag with a sell side head fake could be the signal we are waiting for to rally into this fourth quarter for bonuses!
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