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Briefly, I'm seeing an Inverted Cup With Handle in the making. The pattern will only confirm if ES breaks below 819.5, which is the right cup rim.
ES (the "handle" part of the ICWH) has been trading along the base of an Ascending Broadening Wedge. I really can't imagine that ES is going to break out of the ICWH. In other words, I think that the breaking below of the ABW is a false breakout, and ES is likely to climb back up into the ABW.
Simply put, I'm still holding on to the view that ES will go back up to at least 885, if not 1000. In addition to this pattern that I've mentioned, I'm also seeing the development of a 3 Rising Valley sort of pattern.
I'm still a bull for now. A really moronic one perhaps.
Haven't the time to come up with a game plan for today's session.
Briefly, I'm seeing an Inverted Cup With Handle in the making. The pattern will only confirm if ES breaks below 819.5, which is the right cup rim.
ES (the "handle" part of the ICWH) has been trading along the base of an Ascending Broadening Wedge. I really can't imagine that ES is going to break out of the ICWH. In other words, I think that the breaking below of the ABW is a false breakout, and ES is likely to climb back up into the ABW.
Simply put, I'm still holding on to the view that ES will go back up to at least 885, if not 1000. In addition to this pattern that I've mentioned, I'm also seeing the development of a 3 Rising Valley sort of pattern.
I'm still a bull for now. A really moronic one perhaps.
Haven't the time to come up with a game plan for today's session.
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