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| ES |
How about just playing a simple 78% retrace target out of a diagonal?
Sunday, June 17, 2012
Weekend Chart
Looks like ES broke out of its 2+ month channel. We'll see if it can form 5 waves up. So far only working on iii or 3.
How about just playing a simple 78% retrace target out of a diagonal?
How about just playing a simple 78% retrace target out of a diagonal?
Friday, June 15, 2012
6/15/12 - EOD Update
I'm glad when my gut is right every now and then. Yesterday, though it was still unclear where the market was going per the wave counts, I mentioned that my gut was saying the market was going to take a stab at the 50 day SMA near 1348.
Here are some things going for the bulls:
1. A close over the 13 week EMA
2. A break over the inverted head and shoulders neckline at 1335.
3. The daily MACD is heading for the centerline
Things going for the bears:
1. The 50 day SMA is just overhead
2. 1357.38 has yet to be breached.
3. The McClellan Oscillator shook off a -ve divergence and
The green option lines up with the bull chart below. The red lines up with the bear chart below. Blue is an alternate.
As I mentioned yesterday, we may have to consider the bear count having completed five waves down from April. However, until 1357.38 is breached, it could very well just be working on wave [4].
The bulls are trying to build some momentum here. A break of the inverted head and shoulders neckline is a start.
This chart continues to provide some guidance. Just a little over a week ago, I posted this chart guessing that wave [1] was starting to head for 1357. So far so good. Click here for that post.
Here are some things going for the bulls:
1. A close over the 13 week EMA
2. A break over the inverted head and shoulders neckline at 1335.
3. The daily MACD is heading for the centerline
Things going for the bears:
1. The 50 day SMA is just overhead
2. 1357.38 has yet to be breached.
3. The McClellan Oscillator shook off a -ve divergence and
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| 10 Min |
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| Bear |
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| Bull |
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| Fractal / Similarity |
Thursday, June 14, 2012
6/14/12 - EOD Update
The price pattern certainly resembles a triangle especially with all the 3 wave structures.
The 10 min chart below highlights several options and certainly does not provide clarity as to which way the market is going to break first.
My gut says this will break up for at least one more stab at the 50 day SMA near 1349.
Green is looking for a break higher. Blue is looking for a dip to 1307 first before heading higher and pink I'm not thoroughly convinced works but is looking for something similar.
Though I do not have it listed as an option, but the bear count may have five waves down as an option and the bounce so far is working on a larger zigzag higher.
The 10 min chart below highlights several options and certainly does not provide clarity as to which way the market is going to break first.
My gut says this will break up for at least one more stab at the 50 day SMA near 1349.
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| 10 Min |
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| Bear |
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| Bull |
Wednesday, June 13, 2012
6/13/12 - EOD Update
The market obviously did not feel like it should gap and go today as posted yesterday. Instead, it decided to continue to chop around.
The triangle option I presented on the 10 min appears to be gaining more momentum. The wave 2 flat alternate I mentioned turns out may be trying to form a zigzag.
The triangle option I presented on the 10 min appears to be gaining more momentum. The wave 2 flat alternate I mentioned turns out may be trying to form a zigzag.
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