ES Trading Range into Bear Flag Measured Move to 2750
Since May 2022 ES has been in a range with the median price of 3900. Take the range and expand it downward and it lines up with 2750 with the measured move from 4800-3500. 1300 point move from the break of the bear flag should land us somewhere in the 2700 range. With 9 days left in February, the monthly candle is looking like a doji/ possible bear pin hammer. ES has spent the last 10 months below the 21ema on the monthly chart. All this bullish momentum short term has been a counter trend to the monthly downtrend.
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