E-mini S&P falls from higher-high in trend reversal

Brooks Price Action - 02-13-2013 Wednesday

pending chart 1877

Higher high major trend reversal, wedge bottom, wedge bear flag

  • Wednesday, February 13, 2013
  • Bar 1 - Big bull bar but breakout above bull channel so should fail, failure. Lp buy or long. Wait
  • Bar 2 - Bull follow through so buyers below or buy below
  • Bar 4 - Big bear bar but still above moving average
  • Bar 5 - Bull reversal bar, or, possible low of the day but 3 4 strong so lower probability. Ok swing buy or long
  • Bar 6 - Strong bull bar, more up
  • Bar 7 - Doji follow through so weak
  • Bar 8 - Bull inside bar but after weak follow through so lp and swing only
  • Bar 11 - Microwedge, higher high major trend reversal, but bull body so wait. Probably buyers below or buy below, maybe near moving average
  • Bar 12 - Close on low, two bar revresal, higher high major trend reversal, second entry sell fail, failure breakout above trend channel line and high of yesterday. Swing only. More likely buyers below or buy below after 2 strong pushes up
  • Bar 17 - 2 bear bars, more down, sellers above or sell above. Bulls will try to hold above 6 entry bar low but too much momentum and should fail, failure
  • Bar 18 - Bull inside bar. Might be buyers below or buy below, but probably sellers above or sell above. Wait for two legged pullback in a bear move sell or short
  • [more Bar-by-Bar Analysis, Daily Webinar and Trading Course info at www.brookspriceaction.com and www.brookstradingcourse.com]
About the Author
Al Brooks

Al Brooks, M.D., is author of the Brooks Trading Course (27 hours of videos at BrooksTradingCourse.com), several books on Price action (Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader, Wiley, 2009, and the 500,000 word, three-book series, Trading Price Action, Wiley, 2012), and numerous articles in Futures Magazine. He also provides live intraday E-mini price action analysis and free end-of-day analysis on www.brookspriceaction.com.

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