ES daily 02/23: minimum target of (C) is hit

ES daily 02/23: minimum target of (C) is hit

Yesterday I mentioned minimum target of (C) would be a revisit of Jan low, and today we hit it and even broke it in early evening, but I seriously doubt the drop is over, in fact, we may be in the heart of that if it’s targeting 4000 range or lower. Right now seems everyone is waiting for Russian’s official invasion, and there might be still some selling once that is announced. There is basically no way to tell exactly where this (C) would bottom, but there are some support zones below for profit taking/knife catching. The immediate support below here would be 4180, a better support range would be 4100~4150, which would likely provide at least some decent bounce if not the real bottom.

Although it would be hard to tell exactly where it would bottom, once it bottoms, there are only a few patterns, most common one would probably be a V-shape reversal of 150+ points. So whenever that happens, should be alerted a bottom may be hit or very close.

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