ES has Reached its Minimum Target of the Orange Megaphone VWAP
ES has reached its minimum target of the orange megaphone VWAP and has started forming a top.
It must pull back to at least the blue megaphone VWAP and could make a trip all the way to its bottom. A fast, small megaphone top here without too much sideways would make a trip to the blue megaphone bottom more likely.
The Yen has Broken Out of its Red Rising Megaphone
The yen has broken out of its red rising megaphone. If it megaphones quickly and reenters the formation, it’s likely working its way up to one final higher high.
Otherwise, it’s a favorite to put in a right shoulder on the potential H&S top and then move quickly to the formation bottom and ultimately the 0.75 area.
The 10-year t-note and gold are working on essentially the same top as the yen.