- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
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Wednesday, 24 January 2018

The Pig That Flew

ES made a higher high this morning, slightly overthrowing wedge resistance, which could need to be slightly redrawn, and then rejected into a test of wedge support, reversing back up there exactly. That has delivered the move I was looking for yesterday, but if we are really seeing something significant change, then there will need to be a round two. The characteristic bear fail in 2017 was to do the first decline in a sequence, and then resume the uptrend without delivering a follow-up. The next test is to see whether that happens again here. The NQ chart is encouraging there, as the NQ rising wedge broke support at the LOD, and that would generally follow through. Intraday Video - Update on ES, NQ and TF:
In the short term ES is either putting in the right shoulder on an H&S that would look for the 2795 area on a sustained break below 2825, or is breaking up from a small IHS with a target at a retest of the ATH. At the time of writing ES still in that inflection area. ES Mar 60min chart:

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