This weekend I was looking for a C of Y move to be impulsive, and to test 4500. 4510 is the DM R1 level for ES this week, and should serve as our turning point here.
Note charts have plenty of hidden bearish divergence , with 1 -4 hour charts driving to a higher RSI than we had at our previous price peak.
So we are either in iii of 3 up, in a new impulse off 4350, or we are loaded with bearish hidden divergences and are about to get a rug pull through the remainder of this week. I'm looking for divergence on the 48 hour chart to ultimately play out during this correction, and I continue to vote we go to 4211. The chart marks the price and time course if (W) = (Y); and gives a mid September ending for the triple three.
A move higher from here would point quickly to 4575 if we do not begin to move lower off 4510 in the coming session. However, I expect the trend is still lower, and the bearish hidden divergences will play out.
Looking for the weekly S1 or S2 as a target by Friday, with 4357 very attainable.
Note charts have plenty of hidden bearish divergence , with 1 -4 hour charts driving to a higher RSI than we had at our previous price peak.
So we are either in iii of 3 up, in a new impulse off 4350, or we are loaded with bearish hidden divergences and are about to get a rug pull through the remainder of this week. I'm looking for divergence on the 48 hour chart to ultimately play out during this correction, and I continue to vote we go to 4211. The chart marks the price and time course if (W) = (Y); and gives a mid September ending for the triple three.
A move higher from here would point quickly to 4575 if we do not begin to move lower off 4510 in the coming session. However, I expect the trend is still lower, and the bearish hidden divergences will play out.
Looking for the weekly S1 or S2 as a target by Friday, with 4357 very attainable.