varmecur...you general statement is correct but IHS can form as
part of an ongoing strong trend. At this time, it's best to focus
on the current structure and simply keep an open mind to such an
option. For now, the SPX is overbought with a daily doji candle and
that is my current focus. See SPX Futures comments below.
As far as ES, it put in a lower high overnight and a lower low
this morning around S1. It's trying to form a falling wedge off
yesterday's highs but must hold support (rising trendline and S1
area) or would be vulnerable to a deeper pullback (likely to test
the 9 day EMA below). Bearish view would be a HS pattern.
varmecur...you general statement is correct
SPX Forming inverse H&S?
Posted by steve on 4th of Nov 2014 at 08:56 am
varmecur...you general statement is correct but IHS can form as part of an ongoing strong trend. At this time, it's best to focus on the current structure and simply keep an open mind to such an option. For now, the SPX is overbought with a daily doji candle and that is my current focus. See SPX Futures comments below.
As far as ES, it put in a lower high overnight and a lower low this morning around S1. It's trying to form a falling wedge off yesterday's highs but must hold support (rising trendline and S1 area) or would be vulnerable to a deeper pullback (likely to test the 9 day EMA below). Bearish view would be a HS pattern.
Nice move down on ES
Posted by steve on 4th of Nov 2014 at 11:00 am
Nice move down on ES once support was lost.