Live Harmonic Trading Lock-Limit AGAIN!
Beginning another day with a lock limit (this time up), we now see the markets trying to stabilize by any means possible. After completing an ideal Crab Pattern on the 60-minute chart, the SP500 emini (ES) has reversed from the TYPE-II retest @ 2220.
Although we are still considering larger downside targets possible, we cannot ignore the fact that daily and weekly oversold readings have hit extremes. Specifically, Harmonic Strength Index (HSI) levels rebounded after a secondary retest. HSI will trigger on today’s close.
The SP500 has been yielding many distinct structures on the 5-minute timeframe in recent sessions. After reaching the longer-term extremes, it is critical to focus on the immediate timeframes for precise signals. We discussed this in yesterday’s session and the possibility of this pattern serving as a temporary pause at support.
Yesterday’s Session
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