ES-Mini Update: 2070 - 2080?

ES-Mini Update: 2070 - 2080?

9 May 2016, 10:14
AynGannRand
0
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As we wrote on Friday, ES-Mini: Tough Support; It Might Bounce!, we expected the market to start bouncing around the 2030 support region and completed the first corrective wave (A or 1) down from the highs.

ES-Mini 1H Chart - May 9, 2016

 

 We bought at 2030 last Friday and closed at 2050, right in the first candle above the upper-bound of the channel.

In order for another impulsive move towards 2070-2080, which are the 50% and 62% retracement levels, we will need to see a pullback towards the 2040-2045 area that needs to hold the previous low.

Above 2080 ...Read More

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