December ES possibly still correcting
**Bearish View**
Weekly close below August high of 4542.50
ABC correction possibly still underway
Failed retest of lower trend line in channel that goes back t November 2020
Daily candle at Friday close is a doji
Daily RSI showing negative divergence
Recent rally not supported by volume
Similar playbook to October 2020 correction
**Alternative Bullish View**
A daily close above August high of 4542.50 clears the way to 4628 and 4700 beyond
Weekly close below August high of 4542.50
ABC correction possibly still underway
Failed retest of lower trend line in channel that goes back t November 2020
Daily candle at Friday close is a doji
Daily RSI showing negative divergence
Recent rally not supported by volume
Similar playbook to October 2020 correction
**Alternative Bullish View**
A daily close above August high of 4542.50 clears the way to 4628 and 4700 beyond
Note
Just noticed that I put Friday 20th in the text box in the chart. It should, of course, say Friday 22nd. My apologies. Been a long day!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.