ES assiduously followed a well-defined falling channel ever since the top in March – with the exception of last week’s breakout. As we pointed out, that breakout was a head fake. ES not only reentered the channel in Friday’s meltdown, but came very close to breaking down below it in the after-hours.
If it can remain in the channel, our next downside target is looking very good. If not, we’ll get there a lot faster than expected.
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