E-Mini: Market Is Aiming For 2285-2300
Favio Poci | Jan 04, 2017 05:59AM ET
Market finally confirmed the end of a micro correction (wave 4) these first days of 2017 and has established a bullish 1-2 setup for the next leg up towards 2285-2300.h3 E-Mini 60Min Chart - January 4, 2017/h3 h3 Primary Count/h3
In the above chart, we see that E-Mini is still trading inside a bullish cycle (green iii) that needs at least to hit a new high above 2280. If market follows an impulsive route above the upper-bound of white channel then our main target area for green iii is 2300-2315.We are long ES 2240 & 2240.50
SPY (NYSE:SPY) 4H Chart - January 4, 2017
Any pullback on ES must hold 2246 and ideally yesterday's low at 2239.50. Main invalidation level for this bullish view is still 2227.75.
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