![\"Lower](\"\/wp-content\/uploads\/2014\/06\/ES4-600x322.jpg\" "\\"\\"")
<\/p>\nPosted 7:45 am PST.<\/p>\n
<\/p>\n
Yesterday ended with consecutive sell climaxes in a tight channel, so 2\/3 chance of a major trend reversal today with at least 20 bars and 2 legs up. The market had a lower low major trend reversal on the first bar and became always in long. After a reasonably strong 5 bar rally, it then entered a triangle, but remained always in long. The follow-through on bars 2, 6, and 6 was weak and a trading range was likely.<\/p>\n
Bull want a 2nd leg up, but the bears want a bear breakout below the triangle and then a measured move down to the low of the day. Bulls will buy any selloff that reverses up, even if the market falls to a new low of the day, because they know that the odds favor a 2nd leg up. <\/p>\n
Updated 7:50 am
\nSince this is a triangle, there is a 50-50 chance of a successful breakout up or down, and a 50-50 chance of a failed breakout, reversal, and measured move. If the bears reverse the market down, there will probably be buyers around the low of the day since the rally to bar 5 was strong.<\/p>\n
Traders can see the end of the day bar-by-bar report by signing up<\/a> for free at BrooksPriceAction.com. I talk about the detailed Emini price action real-time throughout the day in the BrooksPriceAction.com trading room<\/a>, and a 2 day free trial<\/a> is available.<\/p>\n I sometimes refer to bar numbers (there are 81 five minute bars each day) instead of times on the 5 minute. When I mention time, it is USA Pacific Standard time (the market opens at 6:30 am PST, and closes at 1:15 pm PST). Background information on this report can be read on the Intraday Market Update<\/a> page.<\/p>\n Posted 7:45 am PST. Yesterday ended with consecutive sell climaxes in a tight channel, so 2\/3 chance of a major trend reversal today with at least 20 bars and 2 legs up. The market had a lower low major trend reversal on the first bar and became always in long. After a reasonably strong 5 […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[153],"tags":[],"class_list":{"0":"post-24628","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-market-update","7":"entry","8":"has-post-thumbnail","9":"override"},"featured_image_src":null,"author_info":{"display_name":"Al","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/albrooks\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/24628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=24628"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/24628\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=24628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=24628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=24628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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