If they are accumulating here, they’re in a real hurry to not get us going anywhere so far. On the last count, in which I was expecting minuette (orange) 2 to be complete or virtually complete, I was then expecting a significant rally, which has yet to materialize; nevertheless, the count still works so long as the low from the 26th holds. As it stands now, I find it difficult to count everything from that low as anything but 5 waves up (green arrow) and 3 waves back (red arrow). But, if the market weakens, I will be forced to reassess.
I find such an outcome nearly incredible given the state of sentiment here, and from what I can tell regarding positioning, but price action is price action, and if we’ve done a 1-2-1-2 up, we need to move up in price sharply, and soon, and if we do not, then the bullish count doesn’t work and I will be forced to acknowledge that.
2 thoughts on “A Quick $ES Morning Brief”
Didn’t you nail the last count: In the previous graph, ES1! hit the (c) (ii) orange box at the support of the 26 low?
Yes, but we don’t want to see it go any lower than that from here.