Cobra's Market View

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Double bottom? Yield down, gold up huge, either dollar down a lot or the war gets worse.

ES daily.

Higher low.

Hanging on the EMA 20.

Forming a base, 4 candles wide.

ES 60 minutes.

Ups and downs. No progress.

Up through the Pivot, strong candle, above the EMA 20.

ES 5 minutes.

Up for 2 hours.

All the way to 4397, where it pauses.

No sharp rebound in the next couple of bars then it's a downtrend day.

It is options expiration today. ( note big sell off stops on a dime at 4360) So normal rules do not necessarily apply. Back to the regular program on Monday, Except with a full weekend full of war news and earnings season maybe Monday will not be so normal.

ES 5 minutes.

Very active day for the day traders. No progress for the bulls nor the bears.

Relatively clean moves.

Testing the yesterday's low, let's see any good rebound here which probably would be sold anyway.

Any word from the Pasta Boss (Al Dente)?

Hope he is OK.

And BB52x has been skipping class. Probably fishing.

Got an errand to run. Back later ...

Hmm, looks like the low was in for today. Didn't expect this.

Both bulls and bears of Elliott Wave counts are in agreement that we have a ways to go down. So no surprise on the new low.

Valid breakdown so it's a measured move down. Tinted area is the 100% target.

I have NOT been counting ways for decades like the two pros I follow so take this with a large grain of salt. But if I have it correct then 5 is likely done as the .616 to 1, 1 to 1 and 161% fibs comparing wave 1 to 5 are the common ratios,

Also I would expect the usual pattern of an end of day bounce thanks to 0 day options.

Need exceed the purple area to signal a bottom is near, so not yet.

Well, guess that's it for today. Here's what Monday looks like: https://stockcharts.com/public/1684859/ ... /533449377

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449377