Looking Higher

I am back from holiday and normal updates are resuming today.

The retracement last week was larger than expected and established a larger rising channel from the 2691.99 low that is part of the larger overall rising channel from 2594.62. Shorter term channel support is now in the 2803 area, and I’m looking in the video below at a possible short term retracement to backtest the new weekly pivot at 2824 ES / 2825.5 SPX, support by the 50 hour MA currently at 2823 SPX. Ideally we would test and reverse there to start the main move to the retest of the all time high.

Full Premarket Video from theartofchart.net – Update on ES, NQ, CL, NG, GC, SI, HG, ZB, KC, SB, CC, ZW, ZC, ZS, DX, EURUSD, USDJPY, USDCAD, AUDUSD:

On the upside you can see that the two channel resistance trendlines will intersect in the 2890s later this week. That is a possible price and time target for this move. SPX 60min chart:

A couple of announcements today. We are doing our monthly free public Chart Chat on Sunday running through the usual 35 to 40 instruments over a very wide range of markets and, if you’d like to attend, you can register for that on our August Free Webinars page. We are also running another Trading Academy Boot Camp soon and that is starting September 4th. The first two were very well received and you can see testimonials from that as you scroll down on our testimonials page. If you’re interested in attending you can find out more and register for that on this page here.

Written by:

Richard Chappell

Jack is a 20 year retail trading veteran and co-founder of The Art Of Chart. He started his blog at channelsandpatterns.net in 2010 and since has published tens of thousands of charts looking at hundreds of trading instruments across most tradeable markets, doing original work mainly in the areas of trendlines, patterns and divergences. At The Art Of Chart Jack has taught trading skills, technical analysis, and the discipline and trader psychology that allow those to be used effectively in trading.

06th Aug 2018

2 thoughts on “Looking Higher”

  1. Hi Jack

    If one looks carefully (60min chart), price pattern behaviour from end of June low to now is mirroring that from the May low to June high. Yesterday (Wednesday) is equivalent of being at 8 June. If pattern continues it implies high arrives next Mon/Tues.


Leave a Comment

Your email address will not be published. Required fields are marked *