1) In this morning's example of a Head & Shoulders pattern using a 4 tick range bar in the forward e-Mini S&P 500 electronic futures contract, the ES had been in an uptrend since Wednesday May 25th 10:00 pm. ET.
2) A left shoulder occured at about 8:00 am, a double top was the head at 9:30am. We are now looking for a right shoulder that occurs with concommitant 'tape' (Order Flow Events).
3) A right shoulder with a left strengh of at 11 occurs at 9:44 a.m. ET. The right shoulder is preceeded by lower highs in MacDaddy, and an HFT Buy Surge. The right shoulder is accompanied by a Buy Programs Waning indication. This tape points to demand based order flow exhaustion.
4) New fuel indications occur as the move progresses. MacDaddy shows lower lows. MacDaddy shows a few resumption spikes as the move continues. We also have a green spike in macdaddy pointing to resumption in the down move.
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