Mack’s Mid-Morning ES Price Action Chart 10-03-2023
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The trend and bias are down again this morning and down strongly at this point in time. That could change at some point though, as we are once again getting into very oversold territory. As long as you are getting good setups with the trend, take them, but be very picky around strong support and do not enter right into support or you will risk getting whipsawed. Trade wisely and stay with the trend as long as it remains in play. Just be prepared for some possible strong rallies that may or may not fizzle quickly due to the nervousness of traders when the market becomes oversold or overbought.
I see two measured legs down already, but that doesn’t mean prices cannot or will not go lower. Just be nimble at the lows and choose your entries wisely.
