ES Charts & Morning Update
On Monday the ES came up to the 1.00 extension in an A B C structure off last weeks low and then reversed down to make an new local low. That low came just shy of hitting the 1.00 extension at ES 2600 for the entire move down off the recent ATH. Since that low we have now seen ES make a strong move to the upside. IF we have now seen the swing low for this move down in the ES the we now need to see it clear the resistance zones shown in the 60 Minute Charts.
2724/5 is the key pivot now in the ES and while we are below that level we can still see further declines into the support zone shown in the 60 Minute chart.
As far as the larger degree counts are concerned, the initial part of the process is to wait for the ES to actually break back above 2724 in order to confirm that we have seen the swing low and then watch the retracement levels as potential areas of resistance as we continue higher.
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