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That doesn’t mean that it will get there, of course, but this is the conventional measured move target of this break of the top of the base on the ES S&P futures. I’ve shown it here on the 4 hour bar chart.
The break is very slight so far, and if they fall back below 4475 then the deal is off, at least for the time being.
On the other hand, if they clear 4500 with a bit of momentum, it will be off to the races. The first target would then be trend resistance at 4515 this afternoon in New York.
Now let’s downshift to the hourly bars.
We have a negative divergence going in the hourly oscillators versus the price chart. So maybe, once again, failure is an option, as I thought it might be yesterday.
For bears to have any chance of getting anything going on the downside, they really need to take out 4475. Then they’d have a shot at 4447.
This is just the intraday look. For more: Bullish Intermediate Term Omens
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