January 25, 2018

ES Chart analysis

  • ES Hourly cloud continues to act as strong support. Short term weakness only if price starts to sustain below hourly cloud.
  • 30 Minutes chart shows a diamond shaped contraction. It will be interesting to see if price respect the boundaries of the pattern on the right hand side. If price violates these lines early then the pattern will stay invalid.
  • Daily chart shows another possible Doji Day. This shows indecision at top. It may be followed by weakness or a breakout towards the direction of the prevailing trend.