ESH21

With today's close below 23.6% (3778.00) back to the 9/24/20 low and the 3802.00 major Gann square, it is possible that a longer term top is in. The rally this morning after hitting 3778.00 fell short of 38.2% of the current break at 3847.00 before falling apart. As I have mentioned before when the market does turn, it will start to hold 38.2% on the rallies, so with today's low this level is now 3813.00. It would have to close above here to say the break is over and you can look for the 3914.00 major Gann square again. Failing to get back above the 3802.00 major Gann square would also be a negative sign and you can look for 3669.00 this is 38.2% back to the 9/24/20 low, however the major levels to look for on an extended break are 23.6% and 38.2% back to the 3/23/20 low, these are 3540.00 and 3280.00, this is also the long term swing point. For now, the break continues as long as they stay below 38.2% back to the ATH.

ESH21