Here is an updated shot of that chartgrid of the YM, ES, NQ & TF...each candle represents 3 days...the last candle closed today.
As I mentioned in my prior post, the white horizontal line represented, at that time, the highest close on the left shoulder of a potential H&S formation for this timeframe for this year and presented possible price targets.
This level was reached by all 4 e-minis two weeks ago. The YM is well above this level, the ES is just above this level in after-hours trading, and the NQ & TF are still above this level in after-hours trading after closing above today.
These will be important levels to secure by the bulls if they are to make a convincing argument against price returning to the red horizontal line and forming a possible right shoulder of a rather large H&S formation (thus, forming a neckline at the red line) (or to the bottom of the upward sloping channel in the case of the YM). Such a H&S formation is sloppy, however, on the NQ & TF inasmuch as price has already closed above this white line and the ES has pierced it. However, the ES has not yet closed above this line on this timeframe (today's close was 1342.75) and that was what the levels in my post were based on...it, therefore, has the highest potential of returning to the neckline...no doubt, if that were to occur, the others would follow.
In any event, I'm skeptical that pure technical parameters must be met anymore since the advent of QE1 and QE2.
