E-Mini S&P: Triangle Forming, Could Breakout Either Way
Trader Moe | Oct 28, 2014 02:04AM ET
I’m sure you all see the triangle forming across ES 1955/SPY 196, which is the critical VWAP level of a 5-month megaphone.
The triangle could break out either way (I think the breakout will be up, for the reasons outlined in today’s earlier posts.)
But if it breaks out downwards, we’re looking at a possible smaller, faster H&S with a neckline near the top of the purple falling wedge .
If we see the purple scenario, be sure to bet a downward breakout from the H&S if we get it, but also watch out for a megaphone right shoulder or right shoulder upward breakout that leads into a bigger head.
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