Yesterday at close I shared my expectation about the final exhaustion drop through the seemingly solid triple bottom. And this is exactly what happened.
The market has been rallying the whole night confirming that yesterday ES made a major bottom.
Normally after a major low is made we always expect the market to come back down and retrace at least 50% of the first move thrust up and make a higher low.
That come back and higher low complete my favorite long setup, the “Launchpad” Long setup, known as “Inverse Head and Shoulders” by millions of traders.
50% retracement is where we had that triple bottom yesterday, 2,484.
In Dec 2018 ES made a major low and then rallied 180 pts off a major bottom. But then it quickly retraced 50%. There could not be guarantee it will happen this time. But if you ask me what could be a good entry I would tell you to wait for a pullback.
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