Weekend Update - ES

ES
The equity markets enjoyed nice upside gains this week with no major surprises.

My count remains that minor A finished at the 1038.75 H. We are in the process of tracing out an expanded flat for B. C down will follow.

As I stated previously, this is likely NOT what the waves are forming. However, you can't rule it out.

I am bothered by the internals here. I'm not sure we can continue higher before trying to relieve some of the overboughtness and bullishness. Perhaps I'm wrong.

Anyway, it appears that we may have completed, what I have labeled as, a double zigzag up for minute [b]. Whatever the structure off the 986.50 L - it seems complete.

We either are tracing a corrective here, or setup some 1's and 2's. Unfortunately, it appears that it is just a corrective. If this is indeed a minute [c], then we should be impulsing down.

We have the potential here for a nice Bullish Bat, near perfect actually.

I'm not sure that it works out, but it is setup. First target is 1033.50, which is about 6 handles higher. Second target = 1040.75. I thought it was worth a shot, so I'm long at 1027.25. My stop is 1022.75.

Hope to wake up in the morning with a nice profit to start the day.


Here is another potential pattern that I have been watching lately. Is this a wolfe wave in the making?

Who knows - but I can assure you that if/when we reach the upper boundary line and the pattern is still intact - VO will put on a short-line.

See the crude update for a very nice wolfe wave that played out intraday Friday.

The next good KoolsTools cycle I see is a peak that is scheduled to come in on September 20. We also have a Bradley date on the 15th. There is some astro dates this month as well.

I noticed that the 1 bar daily terminal projection of 1042.75 was hit on Friday.

Figure 1-34 is what I'm proposing that structure may be tracing.