E-Mini S&P 500: Another New High Coming
Trader Moe | Aug 17, 2016 09:29AM ET
ES failed to complete a little head and shoulders top within its blue rising megaphone and it also failed to complete a H&S top within its silver rising megaphone.
That means it’s headed to another new high, then a dip, then probably one last new high before a drop to the area of its January low.
The same rule will apply after the trip to the January low. ES will likely break out of a 5-year rising megaphone (silver on chart above) before having completed a proper H&S top. That would usually mean another new high after that breakout.
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