ES-Mini: Tough Support; It Might Bounce!

ES-Mini: Tough Support; It Might Bounce!

6 May 2016, 12:55

In our latest update on ES-Mini, Will that Support Zone Hold?, we discussed the current complex structure that the market has created. It has traded in a downward channel around 2040-2070 levels.

ES-Mini 1h Chart - May 6, 2016


In this chart, we can see that 5-waves down from the top (wave (5)) are actually completed and price might bounce here rather than push it down towards the 2025-2030 price zone (lower-bound of the channel).

As we stated in our previous article, Will that Support Zone Hold?:

After this 5 waves down are completed, we expect 50%-62% retracements... Read More

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