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ES Hit First Downside Target, But Will it Stage a Recovery Rally Before Friday's Close?

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    ES (Emini S&P 500) hit a low at 2022.75 at the end of the first hour of trading, and has since bounced to 2028 so far, in what looks like the start of a digestion/recovery period. Key resistance resides at 2040-2046, which if hurdled and sustained, will be our first signal that perhaps the correction off of the Nov 3 high at 2110.25 is complete. Otherwise, a recovery that remains beneath 1940/46 will represent a bearish continuation pattern ahead of downside continuation towards 2000.

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