In our Thursday market update, we shared our market forecast and how to play the last move towards new highs (SP 500 Index & ES Futures – What to Expect Now!).

As we stated in the above analysis, market needs to hold 2060 as its wave 4:

“A retracement (4th wave) of this 5th one should hold 2060.00 level or in case of a deeper correction should not break the lower bound of the channel.”

On Friday and on Monday overnight trading, market completed a clear a-b-c structure for its wave 4.

ES 1HR Update - April 18 2016

The opening of the European session gave a boost and prices bounced from the 2060 level. Now, during US market open any pullback (as a micro wave 2) should hold the lower-bound of the channel and most importantly not to break below overnight low.

Trade Idea

Enter long in any pullbacks with stop-loss below 2060 and target 1: 2088; target 2: 2095.

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