The Weekly<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/Emini-Weekly-Wedge-Embedded-Wedge-BO-or-Buy-Climax-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a big outside bull bar closing near its high.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bears could create another follow-through bear bar or if the pullback would stall around the 20-week EMA area and the weekly candlestick close with a long tail or a bull body instead. The odds slightly favor the pullback to be minor and not lead to a reversal.<\/li>\n\n\n\n
- The market traded slightly lower on Monday but gapped up sharply on Wednesday with follow-through buying for the rest of the week.<\/li>\n\n\n\n
- The bulls see the market as being in a broad bull channel.<\/li>\n\n\n\n
- They got another leg up, completing the wedge pattern (Mar 21, Jul 16, and currently Nov 8) and the embedded wedge (Aug 30, Oct 17, and currently Nov 8).<\/li>\n\n\n\n
- They need to create follow-through buying following this week\u2019s strong breakout to increase the odds of testing the trend channel line.<\/li>\n\n\n\n
- The bears want a reversal from a large wedge (Mar 21, Jul 16, and Nov 8) and an embedded wedge (Aug 30, Oct 17, and Nov 8).<\/li>\n\n\n\n
- They hope that the recent sideways candlesticks (end of Sept to early Nov) will be the final flag of the move.<\/li>\n\n\n\n
- They see this week\u2019s big bull bar as part of a developing buy climax.<\/li>\n\n\n\n
- They want a failed breakout followed by a pullback to retest the bottom of the possible final flag or the 20-week EMA.<\/li>\n\n\n\n
- They need to create consecutive bear bars closing near their lows to increase the odds of a deeper pullback.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a big outside bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n
- The market may still trade slightly higher.<\/li>\n\n\n\n
- Because the week closed near its high, the market may gap up on Monday. Small gaps usually close early.<\/li>\n\n\n\n
- Sometimes, the candlestick after an outside bar is an inside bar or has a lot of overlapping range.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create follow-through buying following this week\u2019s strong breakout into new all-time highs.<\/li>\n\n\n\n
- Or will the bulls be disappointed with poor follow-through buying over the next few weeks instead?<\/li>\n\n\n\n
- Odds continue to slightly favor sideways to up until the bears can create credible selling pressure (strong bear bar with follow-through selling).<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/Emini-Daily-Wedge-Embedded-Wedge-Buy-Climax-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n\n- The market traded slightly lower early in the week followed by a big gap up on Wednesday with follow-through buying on Thursday and Friday.<\/li>\n\n\n\n
- Previously<\/a>, we said that traders would see if the bears could create strong bear bars with follow-through selling or if the market would stall sideways in a shallow pullback, followed by a breakout into new all-time high territory instead.<\/li>\n\n\n\n
- The bulls got the third leg up to complete the large wedge pattern (Mar 21, July 16, and currently Nov 8)<\/li>\n\n\n\n
- They also got the third leg to complete the embedded wedge (Aug 30, Oct 17, and currently Nov 8).<\/li>\n\n\n\n
- They see the market being in a broad bull channel and want the move to continue for many months.<\/li>\n\n\n\n
- If there is a pullback, they want the 20-day EMA or the bull trend line to act as support.<\/li>\n\n\n\n
- The bears want a reversal from a higher high major trend reversal.<\/li>\n\n\n\n
- They see a large wedge pattern (Mar 21, Jul 16, and Nov 8), an embedded wedge (Aug 30, Sep 25, and Nov 8) and a possible final flag forming (end of Sept to early Nov).<\/li>\n\n\n\n
- They see this week\u2019s strong move up as part of a developing buy climax and want a deep pullback lasting a few weeks.<\/li>\n\n\n\n
- The problem with the bear\u2019s case is that they have not yet been able to create strong bear bars with sustained follow-through selling.<\/li>\n\n\n\n
- They need to create consecutive bear bars closing near their lows trading far below the 20-day EMA to show they are back in control.<\/li>\n\n\n\n
- Until they can do that, traders will not be willing to sell aggressively.<\/li>\n\n\n\n
- For now, the market remains Always In Long.<\/li>\n\n\n\n
- The market may trade slightly higher still.<\/li>\n\n\n\n
- Traders will see if the bulls can continue to create follow-through buying.<\/li>\n\n\n\n
- If they do, especially a strong bull microchannel lasting many bars and moving in a (near vertical) strong spike up, it could be forming a buy climax.<\/li>\n\n\n\n
- Or will the market start to stall in the next few weeks instead?<\/li>\n<\/ul>\n\n\n\n
Trading room<\/h2>\n\n\n\n
Al Brooks and other presenters talk about the detailed Emini price action real-time each day in the BrooksPriceAction.com trading room<\/a>. We offer a 2 day free trial<\/a>.<\/p>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
![\"Emini](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/Emini-Weekly-Wedge-Embedded-Wedge-BO-or-Buy-Climax.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n
- \n
- This\u00a0week\u2019s\u00a0Emini candlestick\u00a0<\/a>was a big outside bull bar closing near its high.<\/li>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bears could create another follow-through bear bar or if the pullback would stall around the 20-week EMA area and the weekly candlestick close with a long tail or a bull body instead. The odds slightly favor the pullback to be minor and not lead to a reversal.<\/li>\n\n\n\n
- The market traded slightly lower on Monday but gapped up sharply on Wednesday with follow-through buying for the rest of the week.<\/li>\n\n\n\n
- The bulls see the market as being in a broad bull channel.<\/li>\n\n\n\n
- They got another leg up, completing the wedge pattern (Mar 21, Jul 16, and currently Nov 8) and the embedded wedge (Aug 30, Oct 17, and currently Nov 8).<\/li>\n\n\n\n
- They need to create follow-through buying following this week\u2019s strong breakout to increase the odds of testing the trend channel line.<\/li>\n\n\n\n
- The bears want a reversal from a large wedge (Mar 21, Jul 16, and Nov 8) and an embedded wedge (Aug 30, Oct 17, and Nov 8).<\/li>\n\n\n\n
- They hope that the recent sideways candlesticks (end of Sept to early Nov) will be the final flag of the move.<\/li>\n\n\n\n
- They see this week\u2019s big bull bar as part of a developing buy climax.<\/li>\n\n\n\n
- They want a failed breakout followed by a pullback to retest the bottom of the possible final flag or the 20-week EMA.<\/li>\n\n\n\n
- They need to create consecutive bear bars closing near their lows to increase the odds of a deeper pullback.<\/li>\n\n\n\n
- Since this\u00a0week\u2019s\u00a0candlestick is\u00a0a big outside bull bar closing near its high, it is a buy signal bar for next week.<\/li>\n\n\n\n
- The market may still trade slightly higher.<\/li>\n\n\n\n
- Because the week closed near its high, the market may gap up on Monday. Small gaps usually close early.<\/li>\n\n\n\n
- Sometimes, the candlestick after an outside bar is an inside bar or has a lot of overlapping range.<\/li>\n\n\n\n
- For now, traders will see if the bulls can create follow-through buying following this week\u2019s strong breakout into new all-time highs.<\/li>\n\n\n\n
- Or will the bulls be disappointed with poor follow-through buying over the next few weeks instead?<\/li>\n\n\n\n
- Odds continue to slightly favor sideways to up until the bears can create credible selling pressure (strong bear bar with follow-through selling).<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> S&P 500 Emini chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\n- \n
- The market traded slightly lower early in the week followed by a big gap up on Wednesday with follow-through buying on Thursday and Friday.<\/li>\n\n\n\n
- Previously<\/a>, we said that traders would see if the bears could create strong bear bars with follow-through selling or if the market would stall sideways in a shallow pullback, followed by a breakout into new all-time high territory instead.<\/li>\n\n\n\n
- The bulls got the third leg up to complete the large wedge pattern (Mar 21, July 16, and currently Nov 8)<\/li>\n\n\n\n
- They also got the third leg to complete the embedded wedge (Aug 30, Oct 17, and currently Nov 8).<\/li>\n\n\n\n
- They see the market being in a broad bull channel and want the move to continue for many months.<\/li>\n\n\n\n
- If there is a pullback, they want the 20-day EMA or the bull trend line to act as support.<\/li>\n\n\n\n
- The bears want a reversal from a higher high major trend reversal.<\/li>\n\n\n\n
- They see a large wedge pattern (Mar 21, Jul 16, and Nov 8), an embedded wedge (Aug 30, Sep 25, and Nov 8) and a possible final flag forming (end of Sept to early Nov).<\/li>\n\n\n\n
- They see this week\u2019s strong move up as part of a developing buy climax and want a deep pullback lasting a few weeks.<\/li>\n\n\n\n
- The problem with the bear\u2019s case is that they have not yet been able to create strong bear bars with sustained follow-through selling.<\/li>\n\n\n\n
- They need to create consecutive bear bars closing near their lows trading far below the 20-day EMA to show they are back in control.<\/li>\n\n\n\n
- Until they can do that, traders will not be willing to sell aggressively.<\/li>\n\n\n\n
- For now, the market remains Always In Long.<\/li>\n\n\n\n
- The market may trade slightly higher still.<\/li>\n\n\n\n
- Traders will see if the bulls can continue to create follow-through buying.<\/li>\n\n\n\n
- If they do, especially a strong bull microchannel lasting many bars and moving in a (near vertical) strong spike up, it could be forming a buy climax.<\/li>\n\n\n\n
- Or will the market start to stall in the next few weeks instead?<\/li>\n<\/ul>\n\n\n\n
Trading room<\/h2>\n\n\n\n
Al Brooks and other presenters talk about the detailed Emini price action real-time each day in the BrooksPriceAction.com trading room<\/a>. We offer a 2 day free trial<\/a>.<\/p>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
- Last week<\/a>, we said that traders would see if the bears could create another follow-through bear bar or if the pullback would stall around the 20-week EMA area and the weekly candlestick close with a long tail or a bull body instead. The odds slightly favor the pullback to be minor and not lead to a reversal.<\/li>\n\n\n\n