ES Back at Megaphone Top

ES is Back at Its Red Megaphone Top After Breaking Through 2300

ES is Back at Its Red Megaphone Top After Breaking Through 2300

ES is back at its red megaphone top after breaking through 2300.

It can start a head and shoulders top here with a quick retest of 2300 to put in the left shoulder of a head and shoulders and then bogging down at the megaphone top (green scenario) , or it can put in the quick retest and then blast off to redraw and extend the blue rising megaphone (purple scenario).

9 Comments (To enlarge images, right click on image & then click "view image") → ES Back at Megaphone Top

  1. ewtnewbie

    A rising MP from the futures’ lows around 6 am EST with waning momentum. Obviously, this can go on for minutes, hours, days, weeks, etc… This rising MP has 2316 PT within the upper trendline this afternoon, so could see a “run for it” once the afternoon trading opens up after lunch. TGIF and GLTA. Thanks for all you do Moe. You rock.

    Reply
        1. AdecsRay

          Moe and EWTN: The 3-day a/d study 3rd spike looks to be still under construction or is very close to it’s peak. There also appears to be a lower degree 3 move (up) on a lower time-frame just completing it’s 2nd push. If this creates a 3rd move pattern at this lower degree, the conjunction of the two (large and lesser) studies will be a significant signal.

          Reply
          1. ewtnewbie

            Thanks ADECSRAY for the update. At this point, we are obviously just going straight up, so I can’t give you any more specific targets but the 23% PT line of 2316 could lead to the 62% PT extension line up closer to 2350.

            And yes Moe, 2400 is a possible run target because of the 1800-2100 box trade that broke out of 2100 earlier this year.

            Reply
          2. AdecsRay

            Moe: The potential lower degree 3 move (up) did not materialize so we are still in wait mode until the 3 day 3rd spike matures. There should be a lower time frame signal to confirm this. It will print another data point tomorrow (Wed 15th). ES price targets may not really come into focus until that time most likely.

            Reply

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