The Post-7/15 Developing "Downtrend Pattern" Has Been Repudiated

Earlier today, ES climbed to 3010, which "officially neutralized" the developing downtrend pattern (series of lower lows and lower highs carved out from the 7/15 high at 3023.50 to last Friday's low 2969.50).

Since taking out 30009.75 during the second hour of trading, ES entered a digestion period between 3004.75 to 3012.75, poised for upside continuation that will propel the price structure from the upper boundary zone of a significant corrective accumulation period (7/17-7/24) shown on my attached chart, that has an immediate upside target zone of 3017/19, but thereafter, projects to new all time highs at 3030/35 and possibly to 3045/55 thereafter.

Only a sharp downside reversal that presses ES beneath 3004.75 and follows-through to the downside beneath 2996 will compromise the developing bullish near term set up... Last is 3011.50

7 24 ES 150 GIF
7 24 ES 150 GIF

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