ES Hourly Channel in the works. Potential blowoff.
ES held strong at the last support level and is now breaking up out of the range and the 24hr MA is turning up. The internals are still strong so DTL's (Downtrend Line) breaks need to be bought. In addition the VIX is selling off and Equity PCR (put/call ratio) is pulling back supporting more upside. Looking for channel high as a target and see how price responds. If it can break out, we could end up with a blowoff move here.
Trade closed: stop reached
Stopped EOD when the 3805 broke down. Oh well. Next trade.
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