E-Mini made a new high on Monday during Asian hours and followed the last ED wave to complete wave v and wave 1. Last Friday, we expected that market would made a higher weak high because two important levels did not breach on the downside (2151 and 2143.50 - September Contract).
"Blue wave V was an ED pattern (3-3-3-3-3) and ES needs below 2151 to fully confirm the top" - Last Post
E-Mini 4H Chart - July 25, 2016
In this 4h chart, it is clear that wave (v) of circled v of 1 is completing an ED pattern (trading inside a tight weak upward channel). In order to confirm the start of wave a of 2, market needs to break below the lower-bound of the red channel and below both 20EMA & 50SMA in this 4h chart ...Read More