The Real Test Will Be: Can $ES Break 4450?

Now, I have the rally off the October lows labelled as a 5-wave advance of intermediate (orange) degree leading to the 5th and final primary (pink) wave. Primary (pink) 1 lasted from the COVID lows to August 2020, and primary (pink) 3 lasted from October 2020 until September of this year. That makes primary (pink) 5 a bit short in time. But, like I’ve said, it’s not going to announce itself. I think it will be something that takes a lot of people by surprise and this is a good place for it to do that as many people are very bullish here.

That said, if we do fall to the area of the orange box in only 3-waves, we must be mindful that this may then only be intermediate (orange) 1-2. So, we want to see a retracement that goes significantly lower than the orange box in 5-waves. That will help us to confirm that the market top is in.

ES


Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.


Leave a Reply

Your email address will not be published. Required fields are marked *