ES price outlook for week of CPI
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 (pullback) bounced around fib 0.5 area
- The price is consolidating critical res area of 5560 after extreme push upward movement after CPI report
Price outlook
Bullish case:
Upward movement will continue if price consolidates around 5550-65 area or holds and make correction above 5500. In this case PTs are
PT1 5585
PT2 5598-5600
PT3 5620
Ultimate target would be makes all time high at 5800
Bearish case:
Price retraces and break down critical level of 5500-5470 area
Downward PTs are
PT1 5450
PT2 5410
PT3 5370-5330
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