ES Bear Market Potentially Over

After two months of Bullish activity, price has just broke out of the major down trend line that has been in place since the correction started back in January. I expect price to use the back side of the trend line for a bounce back into a bull run up to at least 4600.00 Price is almost at the 0.618 Fib retracement. Either this is a breakout with the continuation back to 4600 or it is a false break reversal and will sell off back down to 3600. Will have to monitor price but at the moment I will keep bullish as I have been since the start of July.

Kommentar:

This looks like a back testing of the broken trendline for a bullish move back up