UPDATE: ES did exactly as plan for the past week. If the ES can break above 4179.50 with a very strong candle close, odds are that a new ATH will occur. The 100 and 127% extensions are right on point near the ATH. I am leaning more BULLISH, do not ignore the evidence of changing circumstances, this market can change in a heartbeat. The Primary trend remains inviolate until the weight of the evidence proves otherwise. PRIMARY TREND is still UP (it has been compromised over the last few days but is still up). SECONDARY TREND is Sideways and MINOR/SHORT-TERM Trend is Sideways. Controlling Swing Pivot High is sitting at that higher level of resistance and the ATH price of 4238.25. The Controlling Swing Pivot Low is sitting at 4029.25. The 50% point of retracement has been penetrated with a very strong candle close above it is indicating a stronger movement to the upside.
Comment:
Resistance broke but it did it with a very soft moveout from the pattern formation. Without enough momentum or volume involved in the move it made the area identified with an ellipse right below Resistance an invalid zone. This was an oldie but goodie, breakout bull trap. Trapped all the breakout traders.