On Monday, the Emini turned down from a wedge top on the 60 minute and daily charts. Yesterday’s rally retraced half of this week’s selloff. However, the Emini collapsed at the end of the day and the day was a doji bar on the daily chart. Traders should expect the Emini to pull back to between 2500 and 2600 within a few weeks.
It is important to know that it is common for the 1st reversal down from a wedge top to fail. Consequently, the Emini might rally to above last week’s high before beginning its 2 – 3 week correction.
Because the 5 week rally has been strong, traders should expect buyers to come back at around halfway down, between 2500 and 2600. Furthermore, they should expect a trading range for the remainder of the year.Emini Chart
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