This is 4 hours /ES chart, quite self descriptive, multiple channels.
There is negative divergence on RSI, if “gold channel” breaks – target is around 1670sh, then, possibly, head and shoulder might be forming.
UPDATE NOON AUGUST 6th
Channel is changing – breaking “gold” ascending turning to “green” descending. Possibly continuing to build head and shoulder. Bounce to 1696 possible or higher.
YET ANOTHER UPDATE NOON AUGUST 9th – channels at work
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Disclaimer: This website may include stock and market analysis. Any opinions, ideas, views and statements expressed here are opinion only, subject to change without notice and for informational purposes only. Trading stocks carries a high degree of risk. It is possible that an investor may lose part or all of their investment. Accuracy and timeliness of any information is not guaranteed and should only be used as a starting point for doing independent additional research allowing the investors to come to his or her own opinion. Nothing on this blog is to be considered a buy, hold or sell recommendation. Any investments, trades and/or speculations made in light of the opinions, ideas, and/or forecasts expressed or implied herein are committed solely at your own risk, financial or otherwise. Results are dependent on market conditions, timing and trading style. This blog is not affiliated with Tom DeMark in any way and does not claim to represent his estate or personal views. Any references to Tom DeMark or any of his indicators are for educational use only. Comments posted on Disqus Threads are not moderated and are not representative of opinions of authors of this site.
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