Emini closed down almost 20 points today and broke the 1,050 level. I don't think the down trend is over but we'll probably get a bounce tomorrow morning. The selling into the Close was pretty intense and the Shorts have run out of bullets, temporarily.
High of the day was marked with a "Head and Shoulders" pattern. I run through the setup in the video as it shows:
- Left shoulder, head and right shoulder are marked with cyclical turns
- Exhaustion volume then less and less momentum with Bearish divergence signals
- Professionals taking profits into left shoulder and head, then
- Amateurs getting it wrong on right shoulder.
If you're reading this article via email or RSS reader, then follow this link to view the Head and Shoulders Pattern video on the website.
HIGH DEF VIDEO – MAY TAKE 15 SECONDS TO LOAD
Emini Charts and Head and Shoulders Pattern (9:56)
And here's a screen shot of the Emini 500 tick chart. Shows the "Head and Shoulders" pattern with my 3 non-correlated indicators.
Head and Shoulder Pattern (Emini 500 tick)
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Good luck with your Emini trading.
