I May Be Able to Rule Out One of the Two $ES Options Now

Keeping in mind that I could be completely wrong (it’s FOMC day and these can do quite unexpected and wild things), I may be able to rule out the “deeper minute (blue) 2” discussed earlier. The depth of the selling today makes it—on my interpretation—more akin to a 2 (of subminuette [red] degree).

If we rally from here in a third wave, the expected length of that red 3 should carry us to the orange target box, but since that will give the structure as a whole a “stubby” look given the depth of the two, I won’t be surprised to see us extend to one of the higher fibs above the orange box either (noted by the two orange horizontal lines).

ES


[UPDATE]: We definitely got to those higher fibs, I’d say. Wow.

ES


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5 thoughts on “I May Be Able to Rule Out One of the Two $ES Options Now”

  1. Not necessarily, no. We do need to see those growth names rally though, and until they do, anything is possible. All of those growth stocks could still be basing in their large degree wave twos, as far as I can see.

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