{"id":118233,"date":"2021-07-11T01:30:00","date_gmt":"2021-07-11T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=118233"},"modified":"2021-07-11T01:17:37","modified_gmt":"2021-07-11T08:17:37","slug":"emini-rallying-to-channel-top","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-rallying-to-channel-top\/","title":{"rendered":"Emini rallying to channel top magnet at 4500"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\" id=\"0-weekend-report-co-author-andrew-a\">Weekend report co-author Andrew A.<\/h5>\n\n\n<div style=\"max-width: -moz-fit-content; \" class=\"wp-block-ub-table-of-contents-block ub_table-of-contents\" id=\"ub_table-of-contents-c81a8278-4d08-46a5-961d-5a5002f5b45f\" data-linktodivider=\"false\" data-showtext=\"show\" data-hidetext=\"hide\" data-scrolltype=\"auto\" data-enablesmoothscroll=\"false\" data-initiallyhideonmobile=\"false\" data-initiallyshow=\"true\"><div class=\"ub_table-of-contents-header-container\" style=\"\">\n\t\t\t<div class=\"ub_table-of-contents-header\" style=\"text-align: left; \">\n\t\t\t\t<div class=\"ub_table-of-contents-title\" style=\"\">Weekend report table of contents  <\/div>\n\t\t\t\t<div class=\"ub_table-of-contents-header-toggle\">\n\t\t\t<div class=\"ub_table-of-contents-toggle\" style=\"\">\n\t\t\t\u00a0[<a class=\"ub_table-of-contents-toggle-link\" href=\"#\" style=\"\">hide<\/a>]\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><div class=\"ub_table-of-contents-extra-container\" style=\"\">\n\t\t\t<div class=\"ub_table-of-contents-container ub_table-of-contents-1-column \">\n\t\t\t\t<ul style=\"\"><li style=\"\"><a href=\"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-rallying-to-channel-top\/#1-market-overview-weekend-market-analysis\" style=\"\">Market Overview: Weekend Market Analysis<\/a><\/li><li style=\"\"><a href=\"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-rallying-to-channel-top\/#2-eurusd-forex-market-\" style=\"\">EURUSD Forex market<\/a><ul><li style=\"\"><a href=\"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-rallying-to-channel-top\/#3-the-eurusd-weekly-chart\" style=\"\">The EURUSD weekly chart<\/a><\/li><\/ul><\/li><li style=\"\"><a href=\"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-rallying-to-channel-top\/#4-sampp500-emini-futures\" style=\"\">S&amp;P500 Emini futures<\/a><ul><li style=\"\"><a href=\"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-rallying-to-channel-top\/#5-the-monthly-emini-chart\" style=\"\">The Monthly Emini chart<\/a><\/li><li style=\"\"><a href=\"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-rallying-to-channel-top\/#6-the-weekly-sampp500-emini-futures-chart\" style=\"\">The Weekly S&amp;P500 Emini futures chart<\/a><\/li><li style=\"\"><a href=\"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/emini-rallying-to-channel-top\/#7-the-daily-sampp500-emini-futures-chart\" style=\"\">The Daily S&amp;P500 Emini futures chart<\/a><\/li><\/ul><\/li><\/ul>\n\t\t\t<\/div>\n\t\t<\/div><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"1-market-overview-weekend-market-analysis\">Market Overview: Weekend Market Analysis<\/h2>\n\n\n\n<p><strong>SP500 Emini<\/strong> rallying to channel top after a brief pullback on Thursday. It is trading just under the 4404 measured move target with the 4500 trend channel line a magnet above. Might transition into trading range for a week or two after the streak of 11 days without a pullback ended this week.<\/p>\n\n\n\n<p>The <strong>EURUSD <\/strong>Forex market is reversing up from a wedge bull flag, but there is a 7-bar bear micro channel. Also, it has been in a trading range for 4 weeks and this week is only a small bull doji buy signal bar. This so far is a weak lower low double bottom buy signal bar. If there is a bounce, it might form a small double top bear flag with the June 25<sup>th<\/sup> high. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"2-eurusd-forex-market-\">EURUSD Forex market <\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"3-the-eurusd-weekly-chart\">The EURUSD <em>weekly<\/em> chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/EURUSD-Forex-weekly-candlestick-chart-has-wedge-bull-flag-but-bear-micro-channel.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/EURUSD-Forex-weekly-candlestick-chart-has-wedge-bull-flag-but-bear-micro-channel-680x383.png\" alt=\"EURUSD Forex weekly candlestick chart has wedge bull flag but bear micro channel\" class=\"wp-image-118402\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/EURUSD-Forex-weekly-candlestick-chart-has-wedge-bull-flag-but-bear-micro-channel-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/EURUSD-Forex-weekly-candlestick-chart-has-wedge-bull-flag-but-bear-micro-channel-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/EURUSD-Forex-weekly-candlestick-chart-has-wedge-bull-flag-but-bear-micro-channel-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/EURUSD-Forex-weekly-candlestick-chart-has-wedge-bull-flag-but-bear-micro-channel-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/EURUSD-Forex-weekly-candlestick-chart-has-wedge-bull-flag-but-bear-micro-channel.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>The EURUSD market reversed higher this week after testing the neckline of the Head &amp; Shoulders Top, and it closed as a small bull bar with a long tail below.<\/li><li>The long tail below indicates that there are more buyers than sellers below the prior week\u2019s low.<\/li><li>There is a wedge bull flag that started on May 5<sup>th<\/sup>. This week is the buy signal bar.<\/li><li>However, it has been in a tight trading range with many overlapping bars for 4 weeks. Also, there is  a 7-bar bear microchannel. Therefore, it is a weak bull setup, which makes a minor reversal up more likely than a bull trend.<\/li><li>If next week trades above this week\u2019s high, the EURUSD could move up to test the June 25<sup>th<\/sup> high around 1.1975, potentially forming a double top bear flag.<\/li><li>Because of the 7-bar bear microchannel, odds are the first bounce will likely be sold.<\/li><li>The yearlong trading range will likely continue.<\/li><li>Should the EURUSD break below the Mar 21 and Nov 20 lows, odds are it will reverse back into the trading range again. Most attempts to break out of a trading range fail.<\/li><li>The bears want a break below the neckline of the Head &amp; Shoulders top. The bigger the breakout bar, the more it closes on its low, and the more bear follow-through bars, the more likely the breakout will lead to a measured move down.<\/li><li>Until there is a strong and credible breakout from this yearlong trading range, traders will bet on reversals.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"4-sampp500-emini-futures\">S&amp;P500 Emini futures<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"5-the-monthly-emini-chart\">The <em>Monthly<\/em> Emini chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-monthly-candlestick-chart-has-streak-of-6-bull-bars-in-parabolic-wedge.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-monthly-candlestick-chart-has-streak-of-6-bull-bars-in-parabolic-wedge-680x383.png\" alt=\"Emini S&amp;P500 monthly candlestick chart has streak of 6 bull bars in parabolic wedge \" class=\"wp-image-118404\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-monthly-candlestick-chart-has-streak-of-6-bull-bars-in-parabolic-wedge-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-monthly-candlestick-chart-has-streak-of-6-bull-bars-in-parabolic-wedge-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-monthly-candlestick-chart-has-streak-of-6-bull-bars-in-parabolic-wedge-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-monthly-candlestick-chart-has-streak-of-6-bull-bars-in-parabolic-wedge-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-monthly-candlestick-chart-has-streak-of-6-bull-bars-in-parabolic-wedge.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>July currently is a small bull bar trading at all-time highs.<\/li><li>The is a 3<sup>rd<\/sup> push up in a tight bull channel since the pandemic lows. The rally therefore is a parabolic wedge buy climax, which often attracts profit takers.<\/li><li>July is the 6<sup>th<\/sup> consecutive bull bar, which is extreme. The last time we had 6 consecutive bull bars was in 2011. This increases the chance that July will close below the open of the month.<\/li><li>If there is a big bear bar closing near its low, it would increase the chance of 2-3 months of a sideways to down move.<\/li><li>However, because rally has been in a tight bull channel, bulls will buy the pullback, even if it is 20%.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"6-the-weekly-sampp500-emini-futures-chart\">The <em>Weekly<\/em> S&amp;P500 Emini futures chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-weekly-candlestick-chart-reversing-up-from-bottom-of-bull-channel-1.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-weekly-candlestick-chart-reversing-up-from-bottom-of-bull-channel-1-680x383.png\" alt=\"Emini S&amp;P500 weekly candlestick chart reversing up from bottom of bull channel\" class=\"wp-image-118420\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-weekly-candlestick-chart-reversing-up-from-bottom-of-bull-channel-1-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-weekly-candlestick-chart-reversing-up-from-bottom-of-bull-channel-1-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-weekly-candlestick-chart-reversing-up-from-bottom-of-bull-channel-1-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-weekly-candlestick-chart-reversing-up-from-bottom-of-bull-channel-1-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-weekly-candlestick-chart-reversing-up-from-bottom-of-bull-channel-1.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>The weekly bar was a small bull bar at a new high with a big tail below.<\/li><li>The tail below indicates bulls bought the test of last week&#8217;s low, but the small body indicates a loss of momentum.<\/li><li>Because the bar closed near its high, next week might gap up. If there is a small gap, it will probably close early in the week because small gaps usually close before the bar closes.<\/li><li>The top of the trend channel around 4500 is a magnet above.<\/li><li>The Emini has been in a small pullback trend since the pandemic low. This is a very strong bull trend.<\/li><li>A small pullback trend ends when there is a bigger pullback. The largest pullback since the trend started was in September, which was 10% and lasted 2 months.<\/li><li>A small pullback bull trend ends with a big pullback. It would then probably be 10 &#8211; 20% and last at least 2 &#8211; 3 months.<\/li><li>Traders should buy the pullback for a test of the highs. The Emini might then either resume the bull trend or reverse down and form a trading range.<\/li><li>A strong bull trend does not usually turn into a bear trend without first forming a trading range.<\/li><li>There is a larger measured move up target around 4967 using the pandemic low with the Sept 20 highs. There should be a 15 &#8211; 20% pullback before the Emini gets there.<\/li><li>There is another measured move target around 4654 using the height of the Nov 20 to Feb 21 move.<\/li><li>If the Emini reaches the top of the trend channel at around 4500, there is a 75% chance of a reversal down to at least the middle of the channel. The reversal down typically begins by the 5<sup>th<\/sup> bar with a high above the channel.<\/li><li>Traders continue to expect higher prices because every potential bear setup has failed.<\/li><li>Sometimes the bears give up and stop selling. This can lead to an acceleration up. That usually attracts profit taking. When there is a climactic reversal, that last leg up is called a blow-off top.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"7-the-daily-sampp500-emini-futures-chart\">The <em>Daily<\/em> S&amp;P500 Emini futures chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-daily-candlestick-chart-reversing-up-from-bottom-of-bull-channel-but-possible-expanding-triangle-1.png\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-daily-candlestick-chart-reversing-up-from-bottom-of-bull-channel-but-possible-expanding-triangle-1-680x383.png\" alt=\"Emini daily chart breaking above 3-month trading range. Emini rallying to channel top magent above.\" class=\"wp-image-118425\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-daily-candlestick-chart-reversing-up-from-bottom-of-bull-channel-but-possible-expanding-triangle-1-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-daily-candlestick-chart-reversing-up-from-bottom-of-bull-channel-but-possible-expanding-triangle-1-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-daily-candlestick-chart-reversing-up-from-bottom-of-bull-channel-but-possible-expanding-triangle-1-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-daily-candlestick-chart-reversing-up-from-bottom-of-bull-channel-but-possible-expanding-triangle-1-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-daily-candlestick-chart-reversing-up-from-bottom-of-bull-channel-but-possible-expanding-triangle-1.png 1920w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>The 11-bar bull micro channel ended this week when Tuesday traded below Monday&#8217;s low. <\/li><li>Bulls typically buy the first pullback in a bull micro channel, which they did here.<\/li><li>There is a 5-day expanding triangle, but no reversal yet. <\/li><li>Traders continue to expect higher prices, but there is often a 5- to 10-bar trading range after a buy climax, like a micro channel. Look at the April bull micro channel as an example.<\/li><li>The measured move at 4404 and the top of the trend channel line around 4500 are magnets above.<\/li><li>Since the buy climax is extreme, there should be a 15 to 20% correction before the end of the year. However, traders will not believe it until it is already half over.<\/li><li>The bulls will continue to buy every 1- to 3-day reversal down, betting that each reversal will fail and lead to a new high.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"8-trading-room\">Trading Room<\/h2>\n\n\n\n<p>Traders can see the end of the day <a rel=\"noreferrer noopener\" href=\"http:\/\/www.brookspriceaction.com\/profile.php?mode=profil&amp;sub=profile_prefer&amp;mod=0\" target=\"_blank\">bar-by-bar price action 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 <a rel=\"noreferrer noopener\" class=\"rank-math-link\" href=\"https:\/\/www.brookstradingcourse.com\/online-day-trading-room\/\" target=\"_blank\">trading room<\/a>. We offer a <a rel=\"noreferrer noopener\" href=\"http:\/\/www.brookspriceaction.com\/portal.php?page=11\" target=\"_blank\">2 day free trial<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"9-weekly-reports-archive\">Weekly Reports Archive<\/h3>\n\n\n\n<p>You can access all weekly reports on the <a rel=\"noreferrer noopener\" class=\"rank-math-link\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\">Market Analysis<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Weekend report co-author Andrew A. Market Overview: Weekend Market Analysis SP500 Emini rallying to channel top after a brief pullback on Thursday. It is trading just under the 4404 measured move target with the 4500 trend channel line a magnet above. Might transition into trading range for a week or two after the streak of [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":118420,"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":"shadow","_genesis_layout":"","footnotes":""},"categories":[136],"tags":[281,60,143],"class_list":{"0":"post-118233","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-analysis","8":"tag-eurusd-forex","9":"tag-sp-emini","10":"tag-trading-channels","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2021\/07\/Emini-SP500-weekly-candlestick-chart-reversing-up-from-bottom-of-bull-channel-1.png","author_info":{"display_name":"Al","author_link":"https:\/\/www.brookstradingcourse.com\/pt-br\/author\/albrooks\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/118233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/comments?post=118233"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/118233\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/118420"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=118233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=118233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=118233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}