ES Continues To Move Sideways To Complete A Top
Trader Moe | Mar 23, 2016 10:08AM ET
ES continues to move sideways to its red rising megaphone bottom to complete a top.
ES continues to move sideways as it rolls over into a correction.
There are mandatory retrace targets for this move at roughly 1930, 1875, and 1805.
Yesterday and overnight, ES has been forming megaphones inside megaphones across 2038.50. That would often mean a triangle is forming. The triangle, if it completes, could break out downwards to launch the coming correction or it could break out upwards into the head of a head and shoulders top on a larger head and shoulders.
ES is essentially replicating the set-up and price action of the spring and summer of 2015.
ES’s last trip to the top of its topping megaphone ended with an exact touch on the top. A move like this would virtually never end with an exact touch on the top of a topping megaphone.
ES turned after an exact tag on top of the blue topping megaphone – means higher high is likely.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.