I’ve kind of made it my thing to analyze the /-ES, the negative of the ES – for me it for some reason it’s easier. This is the updated view on the ES and it’s development.
On the hourly regular ES however – we might see more upside. What scares me a bit is that after touching this upward correction channel we have not fallen back as strongly as earlier touches. This might suggest a breakout upwards. I will hold my position until we correct. max pain is 1116 for me (1% over where I shorted).
I don’t like that there has not yet been a real bounce. However I am patient. The market is not there to instruct me, it is there to serve me. Uptil now the upward correction has followed the rules with a nice about 45 degree angle retrace, so we will see what’s next. What might happen is that we would get consolidation at around 1105 just in time for the overboughtness to wear off and the lower channel line to provide support for the push up.
Enjoy the week! I will be watch, but not as closely as usual – I want to hold this position until we at least get a few decent days of red.
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