Just checked in to see a nice pop in the eminis. Ukraine resolution? Should it hold, looks like we'll get that 78% retracement I was looking for EOD.
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| ES - 10:39 PM |
[EOD Update]
The bears showed up today but as I pointed out intra-day, a bullish falling wedge had developed. Sure enough the market bounced out of that wedge.
Short term, I lean towards a long trade for a wave iii or c bounce higher. I am expecting a fairly high bounce towards 78% retracement but one should be prepared to stop out should today's low be taken out since we have to give the bears the benefit of the doubt for one more leg lower.
I will continue to monitor the TNX (10 yr yield) , especially the potential triangle that may be forming. If this is the case, the bullish alternative (60 min chart) may be in play and any bounce higher tomorrow may be more bullish than a wave c bounce.
It would be nice to see the bears reject any bounce near 1860 though and send the market down for one more leg lower towards the 50 day SMA.
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