Make or Break Time in ES with the Fed Ahead

CME_MINI:ES1!   S&P 500 E-mini Futures
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Wednesday, Jan. 20th we saw the ES complete a wave 3 down into MTPredictor daily Decision Point support. Our MTPredictor volume indicator (VSA) closed red which indicated that professionals may be buying this level. This was confirmed at the close when we finished the day with blue buyers candle. When Wednesday’s high was taken out on Thursday, the rally into wave 4 began.

This sets up a big make or break, wave 4 area heading into Wednesday’s Fed announcement on interest rates. The wave 5 target to the downside is 1,790. If we, however, start to see closes above 1,972, then look for a rally back up to 2,000.
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