- Daily chart shows price nearing the Apex of the contraction pattern.
- Hourly Cloud trade continues to do well for ES Bulls.
- Hourly close below the cloud will only indicate weakness in smaller time frame.
October 18, 2017
October 17, 2017
- 4 Hour contraction is moving up with Negative divergence. Price if falls below the rising support line will give the Correction for Negative divergence.
- One hour cloud continues to be good for ES Bulls. Negative divergence shown in first chart may start working if price in Hour closes below the cloud. Till then Bulls in control.
October 16, 2017
- 4 Hour continues to be in a sideways contraction pattern. This looks bearish to me But one thing in favour of the Bulls is the Hourly cloud. One hour cloud must break on closing basis for a swift fall to follow. If Hour cloud holds then steady up moves are likely to continue.