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ES Potential Rising Megaphone Top Across Major VWAP

Published 09/03/2015, 11:01 AM
Updated 07/09/2023, 06:31 AM

S&P 500: Sept. Future

If ES Can Make a Higher High for This Morning, It Will Be Completing a Rising Megaphone (Red) Across the Bright Blue Megaphone VWAP

If ES can make a higher high for the morning, it will be completing a rising megaphone top across VWAP of the bright blue megaphone.

That makes it highly likely that its next move will be a breakout through the megaphone bottom.

There are interior megaphones on the way that will require bounces.

The move up would likely make it look like ES is forming a triangle, but that’s unlikely. More likely it will be forming a large falling wedge or falling megaphone down to take out the August 24 low.

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