Posts
ES is sorta tough to get a good read on currently. It appears that we completed a double three (WXY) at the 926.25H. Everything looked good with the impulsive 5 waves down yesterday, which I had labeled as 1. We know that the 908.25L can not be a 1 because todays action took out the 926.25H. This is a rule violation. Wave 2 NEVER retraces more than wave 1.
Where does this leave us? The 908.25L has to be an A down and todays (Globex) upleg would be a B up, for what appears to be an expanded flat. That would mean we are in a C down currently with projections starting at the 61.8% (917.25) and continuing down to the 161.8% (899.25). The wave form will tell us when its done. When the market traces out complex corrections, it can be very frustrating, but it is what it is. It will resolve itself shortly. However it plays out, I suspect my upper channel line (cyan) will keep price in check. Time will tell.
I am seeing 5 waves on the 60 min chart. We may or may not have completed Wave A.
ReplyDeleteLA are you talking about the move down from the 28.25 high?
ReplyDeleteYep. from the 28.25 high. 908.25 to 928.25 has 5 waves. Plot PT's average. It is what's stopping it at the moment 0314h EST. Need to see what the 4am crowd would do first. They may bring it back to Kool's average before heading down.
ReplyDelete