As the cliff approaches so does 1430 – $ES_F

Just a quick thought this Friday night….. When looking at the 4 hour ES_F you can see a rough inverse H&S with the head d0own under 1340 with the right shoulder currently being carved out..

A break over the 1420 level could trigger a move up into the 1433 (Green dot) support turned resistance area from the October 19, 2012 one year trend break from 1262 support.
Over the 1433 means the right shoulder breaks upward with a eventual conversion goal into 1468 with 1480 being a target.. this level coincides with the up-trendline (purple dotted) from 1262 extended upward into time. 
Of course the above scenario has positive thinking in mind when factoring in the *fiscal cliff outcome.
If we go diving… we could see the right should break clear into 1350 up-trending support (red line). 
4 hour ES
Daily ES

 

Related Hedge Accordingly Content
John Desimone, CEO of Herbalife, spoke with Bloomberg Television’s Stephanie...
Bill Ackman, Pershing Square CEO and Founder, spoke with Bloomberg...
H∆ Top10
Herbalife CFO John Desimone on Ackman: Big Bark, Small Bite: $HLF may sue
Ackman: We Spent Investors' $50M Probing Herbalife, $HLF's Nutrition Club Is 'Total Fraud'
Real-Time Charts
David Einhorn: WOULDN'T CALL STOCK MARKET RIGGED, TECH IS A SMALLER BUBBLE; MASSIVELY LONG TECH
Chesapeake Energy Chart
Is the $SPY getting a "Jump" at key levels from a quant algo? High Frequency Trading
Here Are Two 20 Year Charts Of The $SPY $SPX Following a RECORD SP500 Close Of 1,854
Deutsche Bank Co-CEO Anshu Jain: 'Europe is stable now…the ECB has done a lot to create stability"
  Philly Fed President Charles Plosser: 6.5% threshold on unemployment is obsolete,  Stock market rising mostly on 'fundamentals.'
Fed Pres Bullard: Inflation to head higher; Unemployment falling to 6%; Fed 'closer to normal monetary policy

Archives

wordpress stat
Hedge Accordingly by HedgeAccordingly is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Based on a work at http://www.hedgeacccording.ly