Uneventful day, path for higher remains

Garrett Patten By

Futures traded mostly sideways following the Sunday open and the market climbed mildly higher during the regular trading session today. 

Price briefly exceeded Friday's high this afternoon, but did sustained a breakout. Therefore, a wider flat off Friday's high as wave (B) of 5 is still possible, that can revisit the retrace support between 5988 - 5965 before turning back up again. 

Otherwise, a sustained breakout above Friday's high is needed to confirm that wave (C) of 5 is already underway, after which 6050 becomes the minimum target expected to be reached before attempting a top.
ESM25 - Micro - Jun-09 1245 PM (30 min)
ESM25 - Micro - Jun-09 1245 PM (30 min)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.

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