Rally Adding Risk and Danger, Head+Shoulder's Pattern Forming
The overnight reversal= rally in the S+P Futures ES1 on 10/22
appears at this stage to be the advance that could be forming
the right shoulder on a clearly defined BEARISH Head+Shoulders Pattern,
seen most vividly on the 4 Hour OPEN chart I keep.
By rallying here, rather than falling pattern risk is only increasing,
and the danger of such a pattern can only be viewed, in the fullness of time.
With an elevated VIX, large price swings can easily be expected,
and any quick sharp rallies will put additional pressure on the shorts to cover
Immediate Resistance is at ES 2780 area, and then 2800, and beyond that to last weeks high of ES 2824.
THE _UNWIND 10/22/18 352 am New York
appears at this stage to be the advance that could be forming
the right shoulder on a clearly defined BEARISH Head+Shoulders Pattern,
seen most vividly on the 4 Hour OPEN chart I keep.
By rallying here, rather than falling pattern risk is only increasing,
and the danger of such a pattern can only be viewed, in the fullness of time.
With an elevated VIX, large price swings can easily be expected,
and any quick sharp rallies will put additional pressure on the shorts to cover
Immediate Resistance is at ES 2780 area, and then 2800, and beyond that to last weeks high of ES 2824.
THE _UNWIND 10/22/18 352 am New York