[10:19 PM Update-ES]
ES on fire as of 10:19 PM. Will it hold overnight?[8:00 PM Update-ES]
ES may be playing along with cash.
Watching MACD for the turn up. Wave C may be done and working towards D up.
Updated at 2:10 PM
I thought I would have more options but I think just two would suffice for now:
[2:30 PM Update- RUT]
Watching MACD for the turn up. Wave C may be done and working towards D up.[2:10 PM Update]
See bottom of the post.
SPX Primary
This is my near term primary count. The triangle continues to be the best option at the moment. Wave Cs in triangles are complex so I would expect this subwave to bounce around.
Of course with that being said there are other options on the table as previously posted in yesterday's EOD post . Here they are again.
1. Market hits 1325-1330 and pulls back. If the next leg down holds above 1294 and then bounces up and takes out 1330, most likely that leg up will target at least 1340, which would bring the flat into play.
2. Market hits 1325-1330 and then trades between 1294- 1330 over the next several days, a triangle may be working out.
3. Market hits 1325-1330 and pulls back taking out 1294, then 1280 is most likely where it is headed.
2. Market hits 1325-1330 and then trades between 1294- 1330 over the next several days, a triangle may be working out.
3. Market hits 1325-1330 and pulls back taking out 1294, then 1280 is most likely where it is headed.
We obviously have hit the 1325-1330 level since I first posted the scenarios. Now we are bouncing around between 1294 and 1333. Scenario #2 still appears to be the best fit.
I will post charts for the other scenarios a little later. This is all I have time for right now.
Updated at 2:10 PM
I thought I would have more options but I think just two would suffice for now:1. Red labels 1 and 2 so tomorrow some type of third wave up. I highly doubt it is a 1-2 up but more like an abc up
2. Working towards wave (c) down below near 1282. I'd say more like the bottom of the daily Bollinger Band at 1296.81.
