Friday’s Afternoon update…

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  Well I did not stick around on Friday long after noon as the market put in a new low at 1849.  We have a new mR area at 1871 which might have to be adjusted higher when the next pivot forms which should be in the resistance areas that I also noted on my chart below.  I'm looking for price to make a lower high pivot confirming the mR area and head lower with the first target of 1849 which should be taken out by trending price action.  If price moves to the 1849 area and does not move through it or bounces off of this area, then price would confirm a sideways pattern. The next target is a long way away at 1813, so if the 1849 level does not hold, then lookout below.  Monday's a Holiday so my next post won't be until Tuesday sometime, stay safe...

ES 01162016
Click on chart to enlarge oES 01162016

     

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