ES – August 29th

ES August 29th

From my perspective, the ES has attempted to rally for the entire month of August, but every time the rally is weaker than the previous one.

That has resulted in a triangle formation that should be resolving pretty soon.

Based on this analysis, I forecast that the ES will be coming down soon… perhaps today. If so, the critical resistance or invalidation point will be at 2940.

… and the target below 2780. A pretty huge risk/reward ratio.

I have drawn a blue rectangle where I believe the ES wil be finding strong resistance today.

Good luck!

Prof. Aldo Lagrutta
Aldo is a Certified Financial Technician from the International Federation of Technical Analysts. He holds several financial market designations, including the coveted Certified Elliott Wave Analyst, Member of the Society of Technical Analysis and the CFTe. Aldo has been teaching the Wave Principle for more than 10 years. He is the founder of ElliottWaveMadeEasy.net. He is also the COO at Stanton Analytics, a company that serves energy traders in 8 of the top 10 major oil corporations in the world. He has developed easy to use and highly effective indicators along with in-depth educational programs. He is a recipient of the Bronwen Wood Prize bestowed by the Society of Technical Analysis in London.

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