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But with no confirmed signal there would be no reason to trade long term short anyway? And no reason to give up seen either I think?
We have to stay patient and open minded about the future, unlike some bears who have been calling W3 down for eternity and we have been in a W3 up......, Regardless of final levels, impulse waves are relentless and have to be shown respect in unusual times, and these are definitely that.
Too many people want to 'trade the crash' when in fact crashes usually happen in already oversold conditions, not overbought - the latter more often lead to runaway melt-ups like we see now.
Some weeks after the short ES entry @ 1655 we have a actual price of 1618 - so in the green ;-)
The main question resists - if price is going further down - my answer - YES.
Next goal is 1460 area... some rebound thereafter is foreseen.
This highly probable scenario of course is not for the next week though but within a month.
Chart:
In above chart I described the short entry / Instrument ES @ price of ~1653.
The ES behaviour in the chart with Ichimoku is VERY different to that of the Dax.
My entry scenario would have been perfect in the view for the Dax as that one never
comes back into a higher red Kumo after having passed it.
ES is very different though after having passed the red Kumo and gave a signal confirmation.
After some days the ES went up again to the last high of the VWAP line with a price of
1673 on May 28. This would mean to get out of the long @ 1673 and go short @ 1673
instead of @ 1653... which results in 2x20 points! Take it or not
So my next scenario in a given case would be to sit the first downmove out and to
enter exactly on the second high - as described in the following modified ES chart:
Here an overview on ES daily with Ichimoku.
Price has crossed bullish Kumo and is now caught with resistance above.
So the normal way to go is to find next support levels underneath. As
these are quite far away we might see a longer phase of short right now.
Yellow line is for next goal 14xx.
