ES Weekly MACD is Oversold Like 2009 and 2020 Market Bottoms
Been busy! But I wanted to share what I'm seeing for those interested. No time to write up any wave count analysis of ES across the different time scales.
In any event, it is worth pointing out the weekly MACD on ES is trying to turn up at or around the weekly oversold territory of the major market bottoms of the past 2 decades. Can it be a coincidence? Sure. This chart certainly does not rule out the possibility of one more low in price with divergence (i.e. a higher low on MACD while price makes a lower low) on the weekly MACD. I'll be looking for a cross over to signal the return of momentum.
#JustAnObservation
#BottomNotConfirmedYet
#KeepingItSimple
#NotAdvice
In any event, it is worth pointing out the weekly MACD on ES is trying to turn up at or around the weekly oversold territory of the major market bottoms of the past 2 decades. Can it be a coincidence? Sure. This chart certainly does not rule out the possibility of one more low in price with divergence (i.e. a higher low on MACD while price makes a lower low) on the weekly MACD. I'll be looking for a cross over to signal the return of momentum.
#JustAnObservation
#BottomNotConfirmedYet
#KeepingItSimple
#NotAdvice
