Possible near term /ES move (C&H)
A possible cup-and-handle movement would be a trade to profit on both short and long side in the market. Rejection of the previous top in /ES at 2698.25 could signal the beginning of a C&H pattern formation. Depending on the buying pressure, we could also breach 2700 and hit 2706 target above, before a pull back and consolidation around 2695 area.
Will be interesting to see how the market moves in this new year when the traders get back and volume returns to normal.
Will be interesting to see how the market moves in this new year when the traders get back and volume returns to normal.