ES outlook with CPI report on WED
ES1!The price outlook for week of CPI
High lights:
- Long term uptrend is still active
- Uptrend retracement from last week bounces Fib 0.5 due to divergence on 1H time frame
- Short term down trend retraces and stopped around fib 0.38 area before CPI report on Wed
Depending on the CPI report following scenarios may in play
Bullish case:
Price keep retraces upward to hit following levels
PT1 5532
PT2 5562
PT3 5600
Bearish case:
Price pushes downward for 3rd leg to hit fib golden zone area
PT1 5400
PT2 5370
PT3 5330
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