$ES May Need Another High

Recognizing that there are many risk signals present in the market—and so the market could sell off at any time—I must also acknowledge that $ES from its most recent high does not yet look impulsive, but rather only corrective (I could be wrong about this: sometimes the best downtrends begin stealthily by looking merely corrective before beginning their descents). If that is true, it may need to extend to an additional high before turning lower. One good place for it to do so is a trend line above which has served as a slope of rejection on two prior occasions.

Also, I have relabelled the internal waves of the rally to align the peak RSI (green arrow) with the 3rd of the 3rd wave.

ES

Also, I may need to revise the greater structure we are in to something more like this, implying that we are still working only on the D-wave of the bigger primary (pink) B-wave triangle I think we may be 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.


2 thoughts on “$ES May Need Another High”

Leave a Reply

Your email address will not be published.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