August 26, 2011

ES Triangle

CHART-II
  • Price having taken support near the support line of the triangle is back near the resistance line. If the line gets tested the momentum looks good enough to give a breakout on the upside.
CHART-I
  • ES Four hour chart in a triangle pattern.
  • This consolidation is taking place after a big down move. So this can be classified as a bearish consolidation pattern.
  • A clear trend would emerge if ES breakout above 1188 or break below 1111.
  • Price staying below 50 period moving average will help bears.
  • PIN BAR OF S&P 500

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