Cobra's Market View

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Consolidation, bias is up.

ES daily.

The breakout continues.

Climbing the wall of worry.

ES 60 minutes.

Little steps up.

The breakout seems tentative.

ES 5 minutes.

Chop. Chop. And more chop.

Very dangerous for day traders.

Triple top has been rare so if bulls can touch the blue line above then breakout would be more likely. Of course, usually the initial breakout would be a false one. We'll worry about this later if indeed breakout coming.

Swing setup: last buy was a success, new HH, dip will be bought. keep it simple. Intraday: new swing high, it is bullish bias, looks more like we are hitting a peak valuation on price action, same playbook, bears are not good enough until they can take down under 38.2%. Internals: back to bearish bias, not very exciting on this new ATH. Only Price Pays...Peace!

As expected, the initial breakout indeed failed. Now back into range and if touch the blue below again then breakdown would be more likely which, of course, the initial breakdown usually would fail. Overall, we're stuck in a range.

Elliott Wave still looking for a pullback. My ES count needs some work! Today and yesterday are clearly, as Cobra said, in a range which equals corrective, usually a wave four. Seasonals are good through July so maybe we cut and fill for a while longer. Scaping is still working, but fewer clear opportunities in the short chop fest. Thinking I need to take up fishing!

For price action scalping I have gone full heretic. I know I was straying from PI doctrine when I added the Fibonacci bands showing 1.6 ATRs away from the 21 n EMA. But I have loved the Directional Indicator for a long time. With color slope changes (and a third color for peak on at ATX) no one will call me a price action trader anymore!

SPX counts cleaner than ES because it eliminates the overnight action. Find out by the end of the week if this count is valid.
Edit- calling top because wave 5 equals wave 1 which is typical with an extended 3rd wave.

Of course political drama in Washington would mess this up!

Well, guess that's it for today. Here's what Wednesday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449381

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/ ... /533449381