ES in Bear Flag, Correction Unlikely Complete
By
Mike Paulenoff
What a week!
As the dust settles, and I look at the attached 4 hour chart of ES, I won't be convinced that it made THE LOW of a completed correction until strength takes out 2792-2800 on a sustained basis. All of the action after Wed.'s plunge beneath 2800 appears to be carving out some sort of Bear Flag or Pennant formation. Only a climb above 2800 will invalidate the pattern and neutralize the negativity, which will go a long way towards confirming the completion of the larger correction from the 9/21/18 all-time high at 2947.00 to the 10/11/18 low at 2712.25.
Perhaps Sunday night into Monday we will get some answers from ES after it reopens in about 50 hours from now? In the meantime, let's all get some R&R. Have a great weekend everyone... MJP
