ES pointing back towards that Fib 50%...
ES is pointing back towards that Fib 50% retrace mark but its still not above the resistance levels of 4202 - 4080 where twice it has ranged out. Once for 7 days and once for 8 days. The 24th was day 2 of being in that same range.
On a daily chart it is looking like a head and shoulders pattern is forming.
IF ES can get back up to the 4227.75 50% Fib retrace level, there isn't a lot stopping it from making a run to 4250 supply zone which would be the target if playing long.
IF ES can get down below 4090.75 targets below would be 4080 demand which is also the August low, then 4068 demand, then 4055. After 4055 there isn't much in the way back down to 4000 (4040 might be a little rough).
On a daily chart it is looking like a head and shoulders pattern is forming.
IF ES can get back up to the 4227.75 50% Fib retrace level, there isn't a lot stopping it from making a run to 4250 supply zone which would be the target if playing long.
IF ES can get down below 4090.75 targets below would be 4080 demand which is also the August low, then 4068 demand, then 4055. After 4055 there isn't much in the way back down to 4000 (4040 might be a little rough).
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