I made a small mistake (nobody’s perfect) in my ES evaluation of the bouncing point which i thought would be a little lower, the reason being to pick the dominant time frame between the 60mins chart and daily. The picture indeed changed by midday. So, ES retraced upward and could now hit 1106, and maybe 1109. 1109 would actually be a breakout point to allow ES to tinker with the 1120s again. While yesterday’s bounce was sizable, there is currently still more accumulated energy in prices. We’ll therefore watch the ‘quantum’ effect on salient levels ahead of us. However, the 1120s will only provide a good setup to go short again. No rush though… We still have almost a week ahead of us.
TF is now on track to the low to mid 620s. It should however now pass 625 where sellers will come back to the charge. Here again, we some time to evaluate a longer term scenario on the weekly chart (channel bounce, Fib, etc)
EURUSD is on its way to the 1.375 target we gave quite some time ago. In the short term, the bounce we saw on the 60mins stall level (1.3946) can now take the Euro back to 1.404, which is a pivot point i.e. breakout territory. It should quite logically turn south again to aim at our longer term target.
( Posted 5:50 AM UK )
