April 28th – ES

  • Posted by Houssine
  • Date April 28, 2023

As we said yesterday, the recovery had the power to take prices all the way to 4150. Prices went even higher to 4167 and then have been falling from there. The rally did not manage to penetrate the trend line in the P&F chart, so the chart is still bearish, and my intentions to take the next signal remains the same.

NOTE: I’m in no hurry to sell at current prices. There are two reasons for that:

1) The recovery was sharp and has an impulsive look to it.
2) The current decline may stop after three waves and continue higher. So, I’ll wait for P&F to confirm that our original idea to see prices moving much lower is correct.

Houssine

Prof. Aldo Lagrutta is an awarded Certified Financial Technician from the International Federation of Technical Analysts and holds several financial market designations, including the coveted Certified Elliott Wave Analyst.

He is a also a member of the Society of Technical Analysis, holds the CFT’e and is a recipient of the Bronwen Wood Prize bestowed by the Society of Technical Analysis in London.

Prof. Aldo Lagrutta grew up as a music child prodigy and became the youngest Professor to teach in several universities and conservatories around the world. He performed for 2 decades as a concert guitarist in Europe, Africa, North and South America.