There are two resistance zones on the upside to contend with. ES 1490-95 and ES 1505-1510. We are close to bumping into the first resistance zone today, which should produce some sort of VST reaction, but not a full blown retest of the lows, i.e hold above 8/1 lows.
We are close to the upper price targets, in terms of price, but not in terms of time. So my guess is ES 1490-95 should produce a reaction. Then another assault at the the resistance zone 1505-1510. All this should take a A-B-C form in e-wave terms. After this i expect a full retest of the 8/1 lows, given how much technical damage has occured. More on IT thoughts later....
ST thoughts
Started by
NAV
, Aug 03 2007 06:32 AM
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#1
Posted 03 August 2007 - 06:32 AM