ES Friday Close

ES is Legal for a Trip Down to the Blue Megaphone Bottom Sunday Night, but Could Make One Final Trip to the Orange Interior Megaphone Top

ES is Legal for a Trip Down to the Blue Megaphone Bottom Sunday Night, but Could Make One Final Trip to the Orange Interior Megaphone Top First

ES 2075 should be the critical decision point for whether to reverse up to a new all-time high or head down to the bottom of the 3-year+ price channel at roughly 2020.

A trip to the bottom of the 3-year+ price channel is still the favorite.

LNKD at Critical Decision Point

A Breakout Through LNKD's H&S Neckline (Red) would Target the Navy Megaphone Bottom

A Breakout Through LNKD’s H&S Neckline (Red) would Target the Navy Megaphone Bottom

LNKD has drawn a clear head and shoulders on its chart with a neckline (red) at VWAP of the megaphone it’s been working on since March 2013. A breakout through the neckline would target the navy blue megaphone bottom.

If you start seeing fake breakouts and higher right shoulder highs, it suggests a megaphone right shoulder is forming. That would usually get LNKD back to its navy blue megaphone top one more time.

A triangle right shoulder would confirm the H&S and greatly raise the odds of a breakout downwards.

ES Inverse H&S Right Shoulder Megaphone

ES has Put a Right Shoulder Megaphone on its Inverse H&S (Pink Neckline)

ES has Put a Right Shoulder Megaphone (Blue) on its Inverse H&S (Pink Neckline)

ES has confirmed a right shoulder megaphone (blue) on its inverse H&S (pink neckline at 2101).

The megaphone is legal for a breakout upwards (pink scenario, which is also a Sornette melt-up set-up), but the price would usually make another trip to the formation bottom (green scenario).

A right shoulder megaphone on an inverse H&S increases the odds that the price will put in a lower low (purple scenario) as the head of a larger inverse H&S.

The purple scenario is the favorite because ES still requires a tag of its 3-year+ price channel bottom at roughly 2020.

GDX Reached the Bottom of its Long-Term Falling Wedge Bottom Today

GDX Reached the Bottom of its Falling Wedge (Blue) Today

GDX Reached the Bottom of its Falling Wedge (Blue) Today

GDX reached the bottom of its falling-wedge bottom (blue) today.

The low so far is an exact touch on the wedge bottom.  A major correction like this one would usually not end on an exact touch like that.  Usually we’d see a break of the formation bottom or some kind of sideways move like a megaphone to end this big correction.