October 13, 2017

ES Rising wedge and Hourly cloud update

  • Despite today's bullishness the pattern in 4 hour looks like a bearish wedge like pattern. 
  • One hour time frame continues to be bullish with the Hourly cloud giving nonstop support for ES Bulls.
  • Unless the structure of HH and HL change there will not be bigger correction in Hourly charts.


ES Chart analysis after closing bell

  • ES Hour continues to take support at the Hourly cloud. 
  • Break and close below the cloud may lead to a correction. 
  • 4 Hour chart shows a contraction channel. This channel must resolve for bigger moves to follow.