ES: A Solid Set Up Ahead
Trader Moe | Oct 21, 2014 02:31AM ET
ES formed a price channel the last few hours of the day (red on chart).
The channel is at the point where it has enough alternating touches on its sides that it has to put in some kind of topping or continuation pattern.
The pattern could be a triangle that breaks out of the channel, or a megaphone or head and shoulders, or a rising wedge inside the channel.
A breakout from this channel is not enough for most people to short, but it could lead to a solid set-up in either direction.
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