$ES #ES-mini futures
In the previous update “ES: Bulls Got A Chance To Start Another Rally” we correctly predicted that rally.
Today the rally hit the first resistance:
That red band is formed by 66.7% and 76.4% retracement fibs applied to the preceding decline.
If we get a corrective a-b-c decline shown on the chart above that would be a very attractive long setup to ride another leg up in a subwave -c- up.
There is a repeating cycle behind market moves = Volatility expansion on the way up => volatility contraction at consolidation => volatility expansion on the way up => volatility contraction on distribution => volatility expansion on the way down => volatility contraction on consolidation=> volatility expansion on the way down=> volatility contraction on accumulation.
I think its time for an accumulation phase that should be followed by another push higher.
4,155 is the Secondary Resistance for Friday.
4,112 is the Daily resistance that now turns into a support for the day.