Since the price crossed the 2,603 1D Support last week, it has developed a Channel Down on 4H (RSI = 35.405, MACD = -23.590, Highs/Lows = -14.5707). According to its High/ Low sequence we can project that the next Lower Low will be completed on a -6.85% decline, i.e. 2,506.50. Use this technical suggestion with extreme caution however as the Fed Interest Decision...
Current Price at Posting: 2610.75
Directional Bias: Long
Price Target: 2680
Good Entry: 2550-2558
Risk/Reward: Max of 10 point risk / Potential Reward of 130 points.
Trade Idea Invalidation: Hourly Candle close below 2550
I think we'll witness another bullish run in the market. The bigger picture is "down". It has to come down but I'm positioned for a move upwards for a while. This is my opinion based on technical patterns.
My Fibonacci Time/Price research is suggesting a major inflection point is currently setting up in the US markets that may prompt a massive bottom formation. Multiple Fibonacci levels are pointing to a support level near 2600 in the ES and my weekly analysis suggests that a major bottom reversal may happen over the next 3+ weeks with the markets rallying +450...
The index has been trapped within a large sideways consolidation where the second leg exceeded the former top
and could potentially drop below the former trough as well.
After that I expect the index to resume its way to the upside ti hit 3000+ area.