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I was somewhat puzzled by the ES price action of 2024-03-18.
Weak and somewhat messy bear channel from bar 12 to 50. I'd expect it to reverse somewhere around the midday, but it didn't.
Then two very big bear bars (63 and 79) late in the trend. In a weak trend I'd expect them to become climax and exhaustion gap. Here they were neither exhaustion gap, nor measuring gap. The market just kept drifting sideways and lower.
Please could anyone shed some light on:
- Are there any clues that tell us when a channel might reverse and when a channel might keep going on?
- Why didn't the late big bars work as climaxes?
Thanks in advance.
63 & 77 were climaxes. The market went sideways after them. Many climaxes don't lead to a reversal but a sideways correction before the trend resumes.
