Market Analysis for Aug 16th, 2021

ES + NQ

Morning dip was bought around the lows as we had demonstrated in real-time vs the key support level. (see below)

Now, the biggest concern is that it's a boring afternoon stuck in an intraday triangle until the next real move begins.

Mostly done for this morning, good luck comrades. Don't get stuck in boredom, manage risk!

Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.