Mack’s Mid-Morning ES Price Action Chart 03-15-2024
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Today’s chart is playing out much like yesterday. We have the big sell off, with a break and a new low, following by another continuation down channel that was a spike and channel, and it has an overshoot followed by a rally. That is exactly how yesterday played out, but the rally came much later in the day. We will have to see how today plays out.
There is a large overhead gap on the chart and if prices are to fill that gap, then that target is 5217.50, so that would be a nice rally were it to happen. The other possibility is that prices find resistance prior to that target or even at that target and turn down and make a measured leg down. You can see my target measurement sitting idle waiting on that possibility. For now, there is no place to start the 2nd legs high, but I placed it there so that new people would get the idea. If at some point prices just keep rallying higher, I will remove that possibility from my chart.
For now, the trend and bias are up, so stay with that until the chart shows us otherwise. I would be wary of mixed trading no matter how the day plays out.
