E-mini S&P 500 Post ECB Decision

Published 03/10/2016, 09:57 AM
Updated 07/09/2023, 06:31 AM
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E-mini S&P 500 Chart

ES is Crawling Up its Red Rising Megaphone Bottom and has Drawn a Flat-Bottomed Megaphone (Blue) with a Neckline at the Pink Megaphone VWAP

ES is crawling up the bottom of its big red rising megaphone off the February 11 low. That means the end is nigh.

ES has also drawn a flat-bottomed rising-top megaphone (bright blue) on the chart with a neckline at its pink megaphone VWAP at 1975.

Soon ES must break out downwards through 1975 for a trip to its pink megaphone bottom and navy blue megaphone VWAP at roughly 1932. Then it must retrace to the pink megaphone VWAP at 1975 before continuing down to 1805.

Then it must retrace to the navy blue megaphone VWAP at 1932 for the next decision on direction.

The euro and the market have retraced the initial ECB bazooka move.

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