On Friday, around 9:15 am (Chicago time), we had a classic “Crazy Ivan” pattern. The market reverses, then reverses again – for no apparent reason. All designed to wrong foot you and, in Friday’s case, generate a rich cluster of Stops that just had to be run (above 2,729).
“Crazy Ivan” comes from the movie “The Hunt for Red October” with Sean Connery and Alec Baldwin. During the underwater chase the Russian submarine makes a sharp turn around to look behind it with sonar. It freaks out the chasing submarine commander who doesn’t understand what the Russian sub is doing.
And thank you to Byron A. for coining the term in trading.
Next week is going to be fun too – 2,700 is still critical support. But we’ve also got Resistance at 2,742 which could easily get broken on Monday and launch us into the next uptrend move. Let’s see. As always, follow the Professional bars.
Good luck with your Emini trading next week.