Slope of Hope Blog Posts

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Corrective So Far (by Springheel Jack)

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I mentioned a couple of days ago that I was looking for a slow rally with deep retracements to signal that the rally is a corrective bounce, and that's certainly what we're seeing so far. The rally is on, and ES has put in both a higher low and high now, but neither was much higher than the previous one. That said we still have a possible W bottom in play and ES is struggling to get over the pattern neckline and hold it at the moment. I have rising support from the last low at 1318 ES and we'll see if that holds today. You can see from the chart that the current move has more than a passing resemblance to a rising wedge at the moment. We'll see how that develops: