Central bankers are very aware that if all the money they printed ever escapes Wall Street inflation will be like a wildfire. They don't want to repeat Volker so lots are predicting 8 increases over the next two years. Of course most of the recent official inflation was oil, housing and healthcare so raising rates will be a mixed bag effect. Some of the money center banks are now predicting a negative total return on bonds over the next 12 months.
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ES bouncing on the former resistance level. Needless to say if the high holds it confirms the overnight high and makes a nice double top. But that means a slow drift down to 2730 or so for the rest of the day. Very possible if the last several days were all about short covering and the options market makers pining prices for expiration. Also would provide a reasonable explanation for the mad cow behavior.
Relative volume is comparing to a 10 day rolling average.
Just wanted to show the possible double top at a fib level. Of course if you draw the fib from the first volume spike then it isn't.
Fibs remind me of Elliott Waves, always obvious in hindsight, never clear as they happen.
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Relative volume is comparing to a 10 day rolling average.
Just wanted to show the possible double top at a fib level. Of course if you draw the fib from the first volume spike then it isn't.
Fibs remind me of Elliott Waves, always obvious in hindsight, never clear as they happen.
fibs keep it simple
draw from peak to trough, like u did
nice chart boss
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Fib Levels
Adam Grimes, who now has a pay site he pushes when not obsessing over food on twitter, did a large computer study across multiple futures markets to test fib levels. He found them to not be accurate but did find retracements commonly exceeded 50% (not a real fib level) but stopped between 66 and 75% or so. Because of their popularity I personally think it gets into the self fulfilling prophecy category.
generally the pullback will be bought around ema20.
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