ES Down After Hours (Updated)
Trader Moe | May 21, 2015 01:52AM ET
ES After Hours Sell-Off Changes Odds of New High
ES has been selling off after hours, right through the bottom of its potential H&S right shoulder megaphone.
Instead it’s reacting to the sides of the little navy blue right shoulder topping megaphone.
This makes it more likely that ES is headed down to the neckline (pink) of its potential larger H&S. And it lowers the odds that ES will put in a higher high.
There are megaphone VWAPs at ES 2124 and 2126 and ES must retrace to them to complete both the navy blue megaphone and the pink-neckline H&S. A genuine breakout upwards though the 2126 VWAP would likely mean a new high.
But you’d have to watch out for a topping formation at or across that VWAP area.
Update 5:42 p.m. Pacific Time: They’re running the exact same price channel play off the AH low. The channel is confirmed and in its critical decision wave between melt-up to VWAP and starting a top down here.
ES Confirmed Price Channel Off the After Hours Low
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