It's not a simple as it seems to know the location of a price on a line at any time (as regular readers know i have made this one of my celebrated causes) and have studied the anomalies of charting platforms and data representation models such as bars,candles etc. For ES U13 i give a line location ( its almost horizontal in 60 min TF and below) of 1541 to 1544 with 1543.25 being my optimum location. However this has nothing to do with price action which sends it there. Hence i never usually leave limit orders in the market for any chart/instrument traded unless in exception circumstances. Remember it may fall like a dagger and pop up leaving a pin bar. It may fall like a piano (!) and tumble through where it will consolidate for a day before popping up and hey presto a pivot is born. Or it may tumble like a leaf and flutter painfully lower until it touches and then recoils. Of course it may fall straight through and not have anything to do with this line but I think there is a high probability of this line being in some way the near term bottom/low for a while at least. In addition there are two reaction lines (up sloping) that are in the perfect location and angle; one from a fork with AB79/D credentials ( this is my pivot formula to assign a value to pivots).
Theres a potential trade there and possibly a large one but its impossible to say until price and time converge on this line location and we see what fundamental influences and emotions are at play on price. Only then can I make a judgement call on future price behaviour.
POSTSCRIPT:
In the grand scheme of things we should expect a bounce here of the LMLP of this fork:
BUT then view it in a larger context and we are still headed lower?It's the fork within a fork concept
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