ES1! short target 4004
Updated
We have reached 4116 - .236 fibo retracement of the wave from 5th March to 10th May. I expect bounce to 4180 area to test the averages. 4116 together with 200 SMA on 4h plays out as strong supports now. We have also tested 34 D but bounce was not strong enough. Daily cash closed below 21 D EMA and generates sell signal. Sell signal also on 4h. 1h chart is in upper line of the channel down. Yesterday 144 SMA on 4h was highly break so I assume the probability here is to test 4050 area now with possible more down move to .236 fibo 4004 of wave from 23rd March 2020 to 10th May 2021.
Note
just a correction, 4004 is .236 fibo from October 2020 to May 2021, .236 fibo from March 2020 to May 2021 is 3761 but let´s see how this plays now around 21D and 34D. I still think we can test 4050 area shortly and we will see more then...before that...this could still be just back to the meanNote
the fact that we have tested 4116 so many times does not convice me that is support to hold
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