April 30, 2013

ES Chart analysis

  • ES is showing some weakness near the swing high of 4 Hour time frame. No breakdown yet.
  • Price has to trade below the supporting trend line shown in second chart for a possible breakdown to start.
  • 4 Hour chart also shows a possible rising wedge like pattern which needs price to break the trend line mentioned earlier to work well.
  • For bulls just need to protect the rising trend line to move higher and negate the bearish view mentioned above.

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