It was a choppy day and had the look of consolidation. I expect a little more strength tomorrow morning before we reverse to one more low near the support line possibly around ES 880. The Nasdaq has been showing relative strength through this whole process and will likely lead the charge up. At this point it is important to watch for signs that we are off to new highs as we have reached the minimum retracement targets (50%+) on both indices. If ES 920 falls, then that might very well portend that we are in the next move up. My initial target is ES 960-965 range.
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Hello Rich i chance my count and now i think this wave maybe is impulsive. Great you resolve the comments problem. Filipe
ReplyDeleteFilipe,
ReplyDeleteThe latest move down is impulsive? It certainly looks like it on the 5min chart, but when you blow it up I think you end up looking at a larger 3 wave correction. ES 852 is key support. Let's see if it holds next week (or is even tested).