Today’s $ES Thought

If I am right that Bitcoin’s failure to produce a strong impulse down during yesterday’s equities flush (producing only a 3-wave corrective pattern instead) and oil’s outright strength during the same hint to us that we are set for a rally, then we may be looking at an impulse wave such as this coming up.

If subminuette (red) 1 and 2 are in, 3 may go to any of the fib extensions noted here. I suspect it may go to one of the higher ones because of the little gimmick we can often use after big Fed moves. As noted yesterday, since the initial spike was up, then the big flush down, the eventual move may end up being up. And what often works is taking the length of the “false” move and extending it in the opposite direction from the same origin (yesterday’s minutes release candle). I have noted that target on the chart as well, and I would expect us to travel there in essentially one full impulse wave, so I’ve placed minuette (orange) 1 up there for now until we see what’s what.


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