ESI Monthly Close
ESI
Monthly closed at 3601 to form a new low for 2022 with the largest volume candle since the c19 crash.
Weekly confirmed a BOS with a close below prev structure low indicating that price seeks lower levels from a market structure perspective.
Naturally, we can expect a retrace so October should move up (keeping elections in mind). 3588 would be a great place to bounce as it would take out liquidity beneath prev relatively equal lows. I will be interest to see PA with these macro conditions, especially with fresh CPI data coming out soon and elections in Nov.
Supporting this narrative is Bullish hidden divergence on the weekly RSI but MACD is picking up momentum to the downside.
Monthly closed at 3601 to form a new low for 2022 with the largest volume candle since the c19 crash.
Weekly confirmed a BOS with a close below prev structure low indicating that price seeks lower levels from a market structure perspective.
Naturally, we can expect a retrace so October should move up (keeping elections in mind). 3588 would be a great place to bounce as it would take out liquidity beneath prev relatively equal lows. I will be interest to see PA with these macro conditions, especially with fresh CPI data coming out soon and elections in Nov.
Supporting this narrative is Bullish hidden divergence on the weekly RSI but MACD is picking up momentum to the downside.
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