Assessments / Blog

ES #F Sideways at the moment

Not much has changed since yesterday. As predicted yesterday, some choppy sideways action occurred yesterday. Prices grinded sideways to a little higher. Not much upward progress was made overall, since the big Smart money bar on the 28th, in the biggest up wave since March the 1st. If the Elliott wave count is correct, wave 4 have not much room left to the up side. There was a Smart money bar (4 bars back), followed by a Kamikaze bar (yellow bar, which normally resembles crowd activity) and often lead to pull back or reversal. No other clear signals exists to make any conclusion at the moment. Some choppy and sideways movement is possible today. We do not expect prices to go higher than 2365.50 for now with a possible retracement to follow. A close below 2337.25 can lead to a larger down move, with targets at 2317.75 and 2301.


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