Currently, the ESH12 has hit the Top of the Persistence Zone on the Yearly Profile, which is 1321.00. ESH12 is currently trading at 1321.50. Keep in mind this is a major resistance and we should expect sellers to come into the market and attempt to block ESH12 from continuing the current uptrend as depicted by Weekly candles.
ESH12 is attempting to make a Bullish Breakout on the Yearly Profile. In order to accomplish a Bullish Breakout, ESH12 will need to make a candle body close above the midpoint between MR1 and MR2 on the Yearly Profile, which the price is 1351.00.
If ESH12 current Weekly candle close lower then the low of the prior candle then the top of the PZ is holding resistance and look for a reversal to the Zone-Trader Pivot at 1272.75 as a medium term move.
ESH12 is also hitting the top of the Persistence Zone on the Quarterly Profile, which the price is 1325.50. Again, as with the the top of the PZ on the Yearly Profile, the top of the PZ on the Quarterly is expected to provide resistance and is a key price level that will have to be breached in order for the current uptrend to continue as depicted by Daily candles. The Bears will attempt to block ESH12 from taking control of the market and from breaking out of the Quarterly Persistence Zone.
ESH12 is attempting to make a Bullish Breakout on the Quarterly Profile as well. The midpoint between MR1 and MR2 is 1328.00. ESH12 will have to make a candle body close above that price level on a Daily chart in order to make a Bullish Breakout and continue the current uptrend.
If ESH12 makes a candle body close below the low of the prior candle on the Daily chart then this would be a failed Bullish Breakout and according to Zone-Trader Philosophy, we will look for a reversal to the Zone-Trader Pivot or the Point of Control which is currently at 1285.75.
Look for spike in volatility as the fight between the Bulls and the Bears on the long-term Profiles will increase at this key inflection point or price area on the ESH12. If the ESH12 fails to make a Bullish Breakout on the Quarterly take all sell signals on medium and short-term time frames.
ESH12 is attempting to make a Bullish Breakout on the Yearly Profile. In order to accomplish a Bullish Breakout, ESH12 will need to make a candle body close above the midpoint between MR1 and MR2 on the Yearly Profile, which the price is 1351.00.
If ESH12 current Weekly candle close lower then the low of the prior candle then the top of the PZ is holding resistance and look for a reversal to the Zone-Trader Pivot at 1272.75 as a medium term move.
ESH12 is also hitting the top of the Persistence Zone on the Quarterly Profile, which the price is 1325.50. Again, as with the the top of the PZ on the Yearly Profile, the top of the PZ on the Quarterly is expected to provide resistance and is a key price level that will have to be breached in order for the current uptrend to continue as depicted by Daily candles. The Bears will attempt to block ESH12 from taking control of the market and from breaking out of the Quarterly Persistence Zone.
ESH12 is attempting to make a Bullish Breakout on the Quarterly Profile as well. The midpoint between MR1 and MR2 is 1328.00. ESH12 will have to make a candle body close above that price level on a Daily chart in order to make a Bullish Breakout and continue the current uptrend.
If ESH12 makes a candle body close below the low of the prior candle on the Daily chart then this would be a failed Bullish Breakout and according to Zone-Trader Philosophy, we will look for a reversal to the Zone-Trader Pivot or the Point of Control which is currently at 1285.75.
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