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no idea up or down from here but overall it's not a strong rebound, had pullback too early so not a good sign.
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From the world of Elliot Wave countyers, a comment that matches the other posts on this board this morning.
Coolbiz-
Yesterday's advance was also in 3 waves, not an impulsive action. Now this retrace is deep should not close below 2967 (at 2972 now) or it will be ST bearish action going forward. Price action is very weak and choppy with every Tweet, whistle blower etc. etc. etc.
Inquiring minds want to know, is the market run by Central Banks buybacks and tweets ? Is there any place left for earnings and technical analysis? Realize it makes me sound even older than I am.
The free peak at the pre-open market with Bookmap software showed a large stable liquidity pool (standing buy orders)at ES 2975. With that gone market has no other immediate attractant, so into the range we go.
so far it's just a range day. maybe, the range low was in?
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Well you know that double bottom needs to be tested. Just that no one was expecting it today.
That red green histogram at the bottom is an implementation of Larry "I really Trade" Williams awesome oscillator with color change substituting for the signal line. In some older videos he claimed it was really accurate at detecting Elliot Waves if the number of bars within the waves was within a certain range. Since Fat Tails was offering his implementation for free I decided to try it out.(Lizard Indicators)
Decision time! Note 10 bar ADX (dash black yellow gray left scale second box) is saying this pullback is gutless. Note same sort of pattern on the failed pullback after the 60 minute OR low was set.
OK charts mean nothing, sell off is because of News on Huawei tariff wavers not happening. So trade news catalyst and here I thought it was a test of the double bottom coming up. Going to cancel my price data feed and just trade off a news feed!
I still treat it as a range day because it's within the yesterday's range (therefore supports every step down). This bear shall have legs though.
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