ES Descending broadening formation

4 HOUR CHART

ONE HOUR CHART

 

• ES 4 hour chart shows a Descending broadening formation. Price has given a bullish breakout around 1810 level. Pattern rules suggest a 40 -50 point move from the breakout level which should take price above 1850 levels.
• One hour chart shows levels like 50 Hour SMA and hourly cloud which should be held for the above mentioned pattern to work well. 
• One correction towards the breakout level cannot be ruled out. If price holds above the previous resistance zone then the up move will continue again.
• BLACKBERRY Falling wedge pattern

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