ES-Mini: Bounce Should Hold Below 2070!

ES-Mini: Bounce Should Hold Below 2070!

16 May 2016, 12:23

In our last article on ES-Mini, ES-Mini: 2000 on the way, IF...!, we discussed our short-term outlook for the market and alerted for a short position.

Since the move from the low had only 3 waves from 2030 to 2080, we believe that the market should see lower lows only if the recent high at 2080 is not tested again. 2068-2073 is a strong resistance level and a good opportunity to short for those traders that can afford to risk $10-$12.

We are targeting the 100% extension level that corresponds with the 2005 price level as our first target but ES-Mini should breach below 2050 and 2030. Traders might consider lightening up their short positions at 2050 or 2030.

We shorted ...Read More

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