Just a Few Additional Remarks on $ES

Presently, I still would like to see a deeper retracement for minute (blue) 4 on $ES.

Backed up a bit, it looks as I’ve depicted in the chart below. One fault with this count is that minute (blue) 4 has now become enormous in terms of time in relation to its corresponding minute (blue) 2 which we can barely even see on the hourly chart. If we do retrace to the orange box, this present wave will be more than four times the length of 2 in time. That is rather extreme.

Now, I’ve chosen a four here because it’s not a great idea to get too aggressively bearish before the market has even tried to drop more than twenty points. But (next chart)…

ES

It is also possible that the whole 5-wave advance is complete. One advantage of this count is the very nice fib relationship between minor (green) C and minor (green) A in price. To the tick 61.8% extension. That’s lovely.

That said, this count is not faultless, as it is difficult to count the sideways chop as a new downtrend (I suppose I would have to try to count it as a leading diagonal or something to that effect).

Regardless, at least in the short-term, I expect lower prices, but if in heading to the orange box, we do more than that, this second count is far more likely.

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 “Just a Few Additional Remarks on $ES”

Leave a Reply

Your email address will not be published.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