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ES has Put a Triangle Right Shoulder on the Small Potential Head and Shoulders Top for the Move Out of the Sunday Night Low
ES has put a triangle right shoulder on the little H&S it’s formed for the move out of the Sunday night low.
Usually a triangle right shoulder means the H&S will break out downwards.
Assuming ES actually does break out downwards, the first target is the purple megaphone VWAP at a little below 2050. At this point, a trip to 2050 means a breakout from the pink rising megaphone that’s formed out of the Sunday night low.
Usually that would mean a minimum target of roughly 2008 for this move down. The purple megaphone bottom is currently at roughly 1975, though ES would often redraw that bottom at this point with a lesser move down before a retrace to 2050. The move could also go as far as 1950 before a mandatory retrace to the purple megaphone VWAP.
If ES starts megaphoning at roughly 2050 and the breakout point from the pink rising megaphone, the purple scenario would be the favorite. The minimum target for that move up would be 2100. ES could go as far as the purple megaphone top.
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