Tuesday January 22nd, 2019 by Mike Paulenoff ES from my hourly pattern perspective, begs the question, "what if all of the action off of the 12/25/18 low at 2316.75 to the 1/18/19 high at 2677.75 represents a Rising Wedge Formation?" The implications of such a pattern would indicate that the 15.6% three week advance has completed a counter-trend rally, and that the dominant downtrend is on the verge of re-emerging with a vengeance. As long as any strength in ES is contained beneath 2650/58 resistance, I cannot rule out the Rising Wedge scenario... Last is 2637.25Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial! * I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com * Tiger's Take: "Wow, it has been a very good move upwards. I have noticed very strong money flow since the Christmas low and think we may have pullbacks and such but will hold support levels."Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. Follow us and check back occasionally for additional articles or comments.