Slope of Hope Blog Posts

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Paring Down Scenarios

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There was a strong move down yesterday, with the small double-top target I gave in the morning made shortly after the open. Nonetheless it could be that the short term high is not yet in, as the first strong move down often sets up a topping pattern, and we might still therefore see a test of the highs before the retracement really gets going. This possibility is best shown on the ES 60min chart where a possible double-bottom has triggered with a target in the 1839.50 area. There is strong resistance just above at the 50 hour MA in the 1832.75 area and broken support at 1833.25. If those levels are broken with confidence then that 1839.50 target should be made and we might well then see a retest of the highs. ES 60min chart: (more…)