Mack’s Mid-Morning ES Price Action Chart 08-15-2024
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Prices rallied during the overnight session but have gone mostly sideways since the regular session opening. There is a large gap on the chart today, and should prices attempt to fill that gap, that target is down at 5481.50. Not sure if prices will correct that much today, but it is always a possibility, so take note of that price target should prices start trending lower.
My guess is that prices are going to continue pushing higher for a retest of the previous highs. Prices have rallied over 400 points off of the low of the recent selloff, so a correction or some consolidation at a minimum is overdue. Stay flexible and follow the price action and never trust what you are thinking. Allow the price action to show you first and make sure it is matching your chart read. For now, the bias is still up, but that could change as the day progresses.
