ES Journal - 2016
- Thread starter Buy1Sell2
- Start date
still a megaphone topping pattern
That is not a megaphone pattern, megaphone is when narrow to left and highs/lows expanding to the right. What you have is higher lows so not a megaphone.
Still not one there to take yet.
Good odds of it...NQ/QQQ wildly divergent in the first 2 hours of trading...almost comically de-linked. I'm going to play IWM for awhile though, ES definitely needs to snap back below 2080 or so soon (the breaks out and above the channel line resistance) definitely saw some capitulation.
it is a megaphone pattern
and i'm willing to bet $1 that today was the top in ES
I use different rules for drawing a Megaphone and that chart is not it.
I don't bet, am more like a trader that learned to go with the flow baby.
Starbuck time.
Based on the current what, my expectation for today is a slightly negative day with an Open near the High and a Close near the Low. Roughly so.
So far, so good. Expecting the Low roughly at 83 and a Close below 88 (but probably not much below).
THE top? Or just a top?
Every day has a top and a bottom.
the top of this short covering rally from 1800