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MortiES' Intraday update on H&S

Written by Mortie
July 1st, 2009at 11:06 am

ES is at a critical resistance level. It can continue a little higher to the 78% retracement. Right now it is at the 62% retracement and the level of the left shoulder. Let’s see if this holds. I put a little short here and will add if it goes a little higher. ES is simply, for now, just making a double touch to form a right shoulder. Note that it did the same on the left shoulder. Here’s a chart of what I’m seeing. The MOB is a possible target also.

es-hs-update-1jul2009

Categories: Markets

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  1. Placebo Placebo says:
    July 1, 2009 at 5:16 pm

    Hi Mortie,
    I’ve made a ES 3min wave count. Trying out posting charts on the site. See what you think.

    es.jpg

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  2. Mortie Mortie says:
    July 1, 2009 at 11:30 am

    There are some questions on the MOB study. MOB stands for make or break. On the chart above it is the colorful little band just above the red line. MOB’s are time and price studies that are projected off a prior swing high or low that gives a good target for the move if it takes that swing out. Sometimes it will change a little as the market develops, but just a click with the tool will redraw it. The theory is that the price will minimally hit that target between the two vertical black lines (time zone) and either reverse or speed on through. It is a great place to take some profit and a great tool to estimate risk/reward on a trade. The MOB and the ellipse are worth their weight in gold! Also, while I’m looking at the chart, note the similarities in the Left and Right Shoulders. They both did a double touch with a similar dip in between. We will see if that is significant. I remain short from the peak of the right shoulder.

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