E-Minis broke Out UP today. The Head, Left and right shoulders are marked on the chart. Note that the head was a Spring of prior lows. A "Spring" is a break and immediate reversal of a prior pivot low. Today's close above the the line which connects the two pivot highs signifies a breakout. I did not buy today as I don't like to initiate new positions on a Friday. I will look to buy a 30 minute or afternoon breakout on Monday. The target to the upside is a move equal to the distance from the Low of the "head" to the trend line, projected up from the trendline break.
This is for educational purposes only.
S&Ps have shown follow thru up to the Head and Shoulder's bottom of 2 weeks ago. Last week showed a 3 day reaction. Today RE-asserted the trend up. Testing the highs of the last two months. Out target still stands around 1175 on September Futures
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