ES1! The price outlook for week of CPI High lights: - Long term uptrend is still active - Uptrend retracement from last week bounces Fib 0.5 due to divergence on 1H time frame - Short term down trend (pullback) bounced around fib 0.5 area - The price is consolidating critical res area of 5560 after extreme push upward movement after CPI report
Price outlook Bullish case: Upward movement will continue if price consolidates around 5550-65 area or holds and make correction above 5500. In this case PTs are PT1 5585 PT2 5598-5600 PT3 5620 Ultimate target would be makes all time high at 5800
Bearish case: Price retraces and break down critical level of 5500-5470 area Downward PTs are PT1 5450 PT2 5410 PT3 5370-5330