Charts I’m Watching: Jul 10, 2014

ES just completed a Gartley Pattern on the white scale, but has potential to the white .886/grey .618 at 1941ish — also the TL from Apr 14.  I would wait to see what USDJPY is going to do, however.   It inspired the dip from 1948 to 1945, and would no doubt instigate any further decline.

Note that the irregularly-shaped H&S Pattern points to 1924 — the grey .886.

2014-07-10-ES 30 0619

UPDATE:  11:55 AM

I have to duck out for a doctor’s appt, but a quick update first.  The bots have taken over (a shame, it was starting to feel like a real market there for a while) nudging ES up to a small IH&S target.

2014-07-10-ES 1 0850

In the process, ES is back to the neckline of the bearish pattern, and has been bouncing between it and the SMA20 ever since.  The rest of the day should be head fakes of one sort or another — with a possible dip to around 1951.50 between 12:15-12:30.

Keep an eye on the USDJPY, NKD and the 10-yr futures, which have all established a bullish TL from this morning.  Breaks should be treated cautiously, but firm moves lower (higher in ZN) should be a sign of more downside we discussed earlier.

The bots’ target is most likely the SMA10 at 1964ish (what banking crisis!?)

GLTA.

2014-07-10-ES 60 0850

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