Looks pretty straightforward to me. The expectation is that price should go up to 870, then 930. Along the way there would be some profit taking - in the absence of surprises (keeping my fingers crossed), we should see price hit 930, then retrace to form a higher significant low at 800, maybe even 740. In the event of a surprise, we're likely to see a reversal back to 662 low.
Looks like ES is attempting to close gap and test 854.5. If it succeeds in doing so, more buyers are likely to get on board.
Should the opposite happen - we'll have fib 161.8, fib 132.8 and fib 100 as support from where ES could bounce back up to test 854. Scenario 2 is likely to freak some buyers out. Lots of bear traps too.
Game plan:
Play by ear. Where ES is now is tricky for me.
No comments:
Post a Comment