ES: New High Puts A New Rising Megaphone On The Chart
Trader Moe | May 26, 2017 01:02AM ET
New High Puts a New Rising Megaphone on the Chart (Silver)
Alas, ES could not manage a fast stab down before the holiday weekend. Now, with another new all-time high, it’s confirmed a new rising megaphone (silver) on the chart.
Rising megaphones usually top with a head and shoulders that would require still another new all-time high after a pullback. That means ES is clearly forming a significant top here.
We’ll likely see a head and shoulders form across 2350, and there will be a good chance of a megaphone right shoulder on the formation that extends the move sideways for weeks or months (purple scenario). If we get a triangle right shoulder (green scenario), it will be a strong favorite to break out downwards to at least 2150 and almost certainly to the 1800ish.
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