Today the market started to drop like a rock. Yes Fed comments once again threatening the end of tapering. We were short at the time of the first bottom, at the PINK line in the above 5 minute chart of the ES futures contract. We had predicted at 9:50am CST or so bottom time and 1962.5 as a low. The PINK line is a proprietary range we use intraday as strong support. Rock solid. The RSI is very oversold too.
As you can see above from the transcript of our Market Elixir real time service, we alerted our clients to the time and price as we neared the target, then covered and went long.
So we got a little greedy and when the market dropped again, we took less than we originally sought. But look at the yellow indicator below. Yes its proprietary, but you can see extreme readings. These are strong up bias readings and we are looking for any excuse- not to mention a confluence of predicted price and time. Then at the next low this indicator diverges. Again, “strong up” signal.
DISCLAIMER: The examples above are given as demonstrations of technical analysis and are therefore hypothetical and not actual trades. They do not represent actual account results nor include the entirety of all predictions we make.