August 26, 2011
- 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.
- 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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