SPY False Breakout + Divergence = ??
This rising pattern never looked right to me upon breaking out.
Now that we have a divergence, my current bias until proven otherwise is the move up to 3284 was a false breakout or an overshoot of the pattern.
What I'm looking for next is ES to continue to consolidate inside the pattern as shown before truly breaking out. (note**usually when price overshoots a pattern in one direction, it also overshoots to the same degree in the opposite direction)
Which way will the breakout be, you ask?
Frankly, I don't see ES failing to fill the gap at 3311 and at least retesting the all time high before whatever it's gonna do beyond that.
Now that we have a divergence, my current bias until proven otherwise is the move up to 3284 was a false breakout or an overshoot of the pattern.
What I'm looking for next is ES to continue to consolidate inside the pattern as shown before truly breaking out. (note**usually when price overshoots a pattern in one direction, it also overshoots to the same degree in the opposite direction)
Which way will the breakout be, you ask?
Frankly, I don't see ES failing to fill the gap at 3311 and at least retesting the all time high before whatever it's gonna do beyond that.
