Update of the 5-hour ES BB chart

I asked Sam if he could maybe send me a different chart that will show you what i want to show you better (Thanks for this Sam), as I cannot figure out how to get the 5 hour timeframe on TOS.

In any case, you saw yesterday's Channel Buster...After overnight trade, here's the updated chart...

As I told you, an upside Channel Buster "appears" bullish, but any change in character, especially volatility related is to be noted and viewed with suspicion. Look at major tops, you'll note they almost all see an increase in upside movement before falling or topping. The break above a channel is called a buster because this is what typically happens next so those who see the big move up and are excited or even worse, chase it, are typically left high and dry. Next come the shorts chasing it and more often than not, prices will move either back up to the band or channel to kiss it goodbye or worse, back in to the band/channel which shakes out the shorts who chased the downside move. We want to short the upside breakout, that's where the least risk is, although it doesn't feel that way at the moment.

Watch for it, that will be an opportunity.