- The bearish rising wedge pattern did move towards Bears but only for a little while. Technically it reached the Target which was the base of the pattern But for the Negative divergence seen it could've done more. But bulls though otherwise.
- Now the base of the pattern around 2540 becomes a crucial support zone since Bulls found support there during this correction.
- Price in one hour has moved back above the cloud.
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- Daily chart shows price nearing the Apex of the contraction pattern.
- Hourly Cloud trade continues to do well for ES Bulls.
- Hourly close below the cloud will only indicate weakness in smaller time frame.
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- 4 Hour contraction is moving up with Negative divergence. Price if falls below the rising support line will give the Correction for Negative divergence.
- One hour cloud continues to be good for ES Bulls. Negative divergence shown in first chart may start working if price in Hour closes below the cloud. Till then Bulls in control.
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- 4 Hour continues to be in a sideways contraction pattern. This looks bearish to me But one thing in favour of the Bulls is the Hourly cloud. One hour cloud must break on closing basis for a swift fall to follow. If Hour cloud holds then steady up moves are likely to continue.
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- 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.
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- 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.
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- ES Hour testing crucial support levels.
- Holding above hourly cloud may lead to new high's again.
- Bears need to break and stay below hourly cloud.
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