Daily Archives: April 27, 2012

Buy The Dips IMO (by Springheel Jack)

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The key resistance trendlines were tested and broken yesterday, and the setup this morning looks clearly bullish.  We might see a pullback to retest broken resistance in trading hours, but on ES and NQ those retests have already happened overnight. On NQ the break up from the broadening descending wedge has been very classical with a break, the retest and move up. The pattern target is at the 2012 highs in the 2792 area and Bulkowski gives these an average 79% probability of making that target area: