Stocks Put A Top In This Week! Further Downside to Come!

6 Apr

ES (US 500) Fibs, Hourly: ES is our main index that provides helps us determine trend. You will notice that this week had a change of character. The market had taken the stairs up, but is now taking the elevator down, with sharp moves coming in a few hours to the downside. Expect more of this. ES pattern at the top is more head and shoulders like. And, unlike YM, we got a FULL All the Way Half Way Back Short this week, going back to the 50% line on Friday and selling off from there. Look for a gap up on Sunday night/Monday and a sell into strength of a 2nd test at the 5272.50 level. Our Target is all the way down at the 5158.25 level, over a 100 points away.

####TRADE ALERT####
ES (US 500- S&P500)
Call: Short
Entry Type: Limit, ideally better than 5262.50 no worse than 5245
SL: 5290
TP1 / TP2: 5158.25
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