ES Update

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ES has achieved the VST downside target (trident channel bottom pointed out in this post) at 1148 (from 1208.50 for about 60 points on the bearish side).

Now we watch to see if a counter-trend rally can start near this area.  If 1148 doesn’t hold (dashed green channel has already been broken), the next VST target lower is a parallel channel rail (purple line on charts above) drawn off the 8/31 to 10/27 highs, presently located at about 1129.  If 1148 or 1129 area doesn’t generate a bounce, the next target lower is S&T’s 1086.25

Markets close early today at 1pm New York time (1:15pm for CME).

All S&T trends remain down < 1208.50

…my .02

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