1. The current pullback is clearly corrective therefore a Top is not in place.
2. The s/t EWP could be a DZZ
3. If this is the wave (IV) of the ED then it is required the overlap below w(I) at 1352.75
Be patient, don´t get too agressive on the short side yet
(thewavetrading.com)
Do you also count SPX? The reason I ask is that there are many times (well more than half) that ES spends it's almost 17 hours being thinly traded and generally flat-lining. When it does as such I don't see a way to place anything reliable in the way of a label on ES and have to dismiss it, except for, at times, its own trendlines.
This morning SPX has a clear 5 wave move down that should not have ended anything. But I saw the possibility developing with ES. But it's not my "go to" market for direction. It's only HFT/Algo activity that is doing this as I know from experience these moves were never seen until computers became the dominating force in the market.
This is not a normal market and it is tough to get the correct count. Where is the fifth ? Where does it begin ?
Everything looks so corrective ..... This is why I think of a potential ED, maybe in wave III now
The wave (IV) should drop 13 points in order to get the required overlap with the wave (I) high.
OK, H&S Top target. Usually H$S doesn't work though.
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anyone else like the GS short here? been eyeing it all day, but honestly, am sick to my stomach to go short anything else. i'm already short a number of single names...
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