Bitcoin price today: down to $117.9k as Fed, tariff caution offsets Strategy buy
High Odds that ES is Forming a Falling Megaphone (Red) Here to the Bottom of the Triangle It’s Been Forming Since February
See the weekend update for some of the reasons, but with the Sunday open being the way it is, ES now has high odds of forming a falling megaphone (red on chart) to the bottom of the triangle it’s been forming since February.
After that, the falling megaphone retrace target would be the triangle top.
In addition to the reasons listed in the weekend update for why this move up is likely to be limited, there is another tell. Friday’s move down formed a confirmed price channel (orange in chart below).
Friday’s Move Down Confirmed a Price Channel (Orange) that Would Usually Be Followed by a Partial Retrace and a Move to a Lower Low
When you get four alternating touches on a price channel followed by a lower channel low, and then the price breaks out upwards, the upward breakout usually forms a limited retrace followed by a move down to a low past the channel low.
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