Slope of Hope Blog Posts

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Testing The Monthly Pivot

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The bears had a chance to fail and continue down yesterday but couldn’t manage it, so we are running the bullish scenario that I was looking at yesterday morning. Since I posted the charts below at this morning ES has gone through the declining resistance trendline in the 2062 area, and is trying to convert the monthly pivot at 2063.8 to support. If that succeeds the the ideal right shoulder high on the larger alternate H&S that I strongly suspect is forming on ES here would be in the 2072-5 area. ES Jun 60min chart:

160524 ES Jun 60min