Another trading theme includes 138% projections. Sometimes these are called zig-zags or ABCDs. 138%s were in play on Monday and Tuesday; per the recent volatility we got one up and one down shown on the charts below.
The first chart is ES 15 min (all session). I chose a higher low (and not the spike low) because that was inside a key timing element and the 100 level also fit. The session high was on 138% exact. And since this arrived on perfect Bollinger band and RSI divergence it also gave the opportunity to turn around short.
The next chart is ES 1 min (session only). In this case a floortrader pivot level stopped from exact but still within .5 point of target. After stabilizing at a higher low then was able to think long.
The first chart is ES 15 min (all session). I chose a higher low (and not the spike low) because that was inside a key timing element and the 100 level also fit. The session high was on 138% exact. And since this arrived on perfect Bollinger band and RSI divergence it also gave the opportunity to turn around short.
The next chart is ES 1 min (session only). In this case a floortrader pivot level stopped from exact but still within .5 point of target. After stabilizing at a higher low then was able to think long.
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