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ES #F Spring and then reversed
The spring formation mentioned on the 3rd resulted in a new high of 2488.50, exceeding our target set at 2483 a while ago. The price action at the new all-time high looks similar than an up thrust. Price immediately reversed from here and came to a low of 2457 (6.50 points from our proprietary reversal pattern target of 2450.50 as mentioned on the 8th). There is buying pressure present at the moment with more weakness developing, looking a lot like profit taking. A bar close above 2478 should lead to a new high. Our new upside target is set at 2500. A close below 2461.50 should see our immediate down side target being tested. Beware of geopolitical matters that can influence the market at any time.
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