The Bull Flag Has Broken Out In ES: Upside Targets? June 2nd Chart

In yesterdays newsletter I wrote: “All the action since the May 30th high as formed a fairly textbook bull flag”. As many who have been following me for a long-time on Twitter know, this is my favorite chart pattern (and one of the only two or three I like to trade). The frustrating, trap-filled, choppy pullback since May 30th finally rewarded bulls and patient traders today by breaking this pattern out, resulting an 80point push.

While the “measured move” classical target for this flag pattern is 390 points higher, bulls certainly aren’t out of the woods yet, which some major resistance levels overhead. In todays newsletter, I’m going to talk a little about flags, what the targets are, and the immediate setups for bears after this.