Chart 1: ES composite Market Profile update (previous post)
Thursday’s rally from Node 3 through Node 2 suggested the end of the immediate downtrend and the start of a bracketing process.
Rather than the nodes created by the run-pause of a trending market, a single distribution is indicative of a bracketed market. The small distribution from Thursday and Friday is still a work in progress.
(The bracket limits above and below Nodes 2 and 3 are 1436.25 and 1393)
Chart 2: ES 6-day bracket, as identified by Dalton / Liberman
A breakout beyond the bracket limits would signal the start of a possible trend. Obviously false breakouts beyond the bracket limits widen the bracket range.
SRS
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