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ES #F Retracement upwards yesterday
As expected price made a retrace upward yesterday to a high of 2439. If weakness develop and the 2430 level is broken to the down side, we can expect a move to test the 2416.75 area. Medium term down side target as predicted by our reversal pattern, is still at 2401.75. If no dominant supply enters the market today, we should see a continuation of the upward retrace to the 2442.25 area. There is some strength developing with buying pressure at the moment. Watch for continuation of the strength or alternatively supply (volume flow to change to the down side) entering the market for further weakness to develop.
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