$ES #ES-mini #triangle
We can consider ES-mini as having consolidated in a triangle-shaped consolidation:
Above I show you a conservative bullish scenario where bulls will not be able to get over 5,040.
On Tuesday ES consolidated in a narrow range accumulating energy for a breakout of that triangle shaped consolidation:
In majority of cases a triangle works as a follow through pattern meaning that price enters and leaves a triangle in one direction.
ES: Daily Resistance ( breakout line) for tonight and Wednesday is 4,980.75.
NQ-mini has a similar scenario for a push higher:
You can see a flat a-b-c down structure (in the yellow box) over the upward sloped 500 MA. That flat consolidation looks very constructive for bulls. Bulls normally use such flat consolidations as solid bases for another push higher.
NQ: Daily Resistance ( breakout line) for tonight and Wednesday is 17,745.