2nd week in a row we see similar price action when approaching the end of trading week. Very strong moves before the close on both Fridays indicate that the price is at very significant HTF levels. 15 min time-frame showing signs of accumulation as well as divergence that preceded the impulsive move, if this plays out (close and hold above the yellow line) it could trigger H4 (close and hold above orange line) for an even larger move and potentially gap fill. In order for that to fulfill we need to keep gaining the outlined levels on 15min time-frame. A lot depends on what the weekend gap will be now but as long as we are holding above the 2 red lines on H4 chart I see very good upside potential and will be keeping a close eye on short tf's. In short, signs of accumulation on low tf's near significant levels show great potential with a lot of "if, then" scenarios involved.
Keep the risk small folks and I wish you all the best in the coming weeks.
Also check out my previous ES idea here.
Keep the risk small folks and I wish you all the best in the coming weeks.
Also check out my previous ES idea here.
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I do not expect to make new highs on ES, looking for rejection and further downside.