ES Potential Price Channel

ES is Trying to Set Up the Blue Price Channel to Get to a New High to Confirm the Silver Rising Megaphone

ES is Trying to Set Up the Blue Price Channel to Get to a New High to Confirm the Silver Rising Megaphone

ES got bought a little bit at the bottom of the potential blue price channel, but it usually does. It’s trying to work its way to a new high before breaking the channel bottom to confirm both the channel and the silver rising megaphone.

If the blue price channel confirms with a new channel high, it will be in its critical decision wave for starting a stop (green scenario) vs. breaking out into a melt-up (orange scenario).

If instead it can kill the channel before confirming, and break down through the red megaphone VWAP at 2350, it’s going to the red megaphone bottom to start a likely much bigger correction (first target 2150).

11 Comments (To enlarge images, right click on image & then click "view image") → ES Potential Price Channel

  1. ewtnewbie

    Nasty 2nd 30-min candle on the ES today as we got a liquidation break from above the downchannel to just a touch below it. We tagged the VWAP of that MP at 2360-63 and will have to make a decision here: are we heading back up, or going to touch the bottom of this MP down near 2300?!? Moe will let us know…he’s got a crystal ball.

    Reply
      1. ewtnewbie

        Tagged 2347.50 and positive divergence on the 3-min at the low, so it will be interesting. They went and nicked my 2377.50 short runner to start the day, so you knew it was going to be a BIG down day once they play those games. LOL

        Reply
  2. ewtnewbie

    I have a short price target of ESM 2366 (2357.75 technically, but they seem to be getting bought before tagging the target right away). I’ve already got first profits taken care of, stops set, just waiting (patiently) for 2366 and “beyond” to get hit.

    Reply
    1. ewtnewbie

      I don’t know how that number got in there, but (2365.75) not 57.75!!! LOL That would be quite an EARLY purchase. The YM was the tip off, as it never broke the short while ES did on the all the way HWB from the ATH. Amazing the games they play to screw the system players, isn’t it?!?
      ….
      Obviously, we could blow through that 2366 target lower if the YM, RUT, and NQ start getting really heavy too as there are some EW practitioners calling for a decent size “C” wave lower from where we are.

      Reply
          1. ewtnewbie

            Flat other than the runner Sam, so hardly bearish, just trying to day trade what the market setups offer a market profiler and technician.
            ….
            I actually have been touting a price pattern that has been unfolding since March 1st as a setup to revisit the 2400 high and went home long over the weekend. *&%%& got stopped out near the O/N lows and was pissed when I saw price recover back to my breakeven price in early trade today. C’est la vie.
            ….
            On a bullish ES note, we defended the 2351-2388.75 long setup that has traded a few times over the past week to the tick at 2365.50! And we are nearing the 2360-63 VWAP area of the 3/7 megaphone we discussed previously to allow a legal breakout upward above 2400.

            Any thoughts to share Sam besides being “very bullish?”

            Reply
            1. Sam

              Im just stalking it, I know a bearish move is coming, but dont know when. In cash till then. Will deploy my cash when I see the bulls running. We might be close, but need to pick up momentum. Just scalping in the meantime.

              Reply

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