August 8, 2011

Descending Triangle of ES

  • ES 15 Minutes is showing a descending Triangle pattern.
  • Price staying below 1161.50 will favor bears to extend the down move.
  • Breakout of the upper line should also stay above 1189 for a meaning full  up move to happen. Then there is the cloud in hour time frame which is the bigger resistance cross.
  • Price has been staying below the hour cloud for a long time now without testing it.
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