Saturday, March 4, 2017

Three Questions for You

Here is the weekly chart of the ES E-mini S&P 500 Futures plotted on a log scale. Elliott Wave labels have been omitted in this chart. Here are three questions for you to ponder.

ES E-Mini S&P 500 Futures Weekly Chart - Log Scale

Here are the questions:

1. Are we or are we not finding some level of resistance at the upper channel line?
2. How about the size of that weekly wick versus those in the rest of the rise from Feb 2016?
3. How long do you think it will be before prices "mean revert" to the EMA-34, shown?

This is just food for thought. Nothing has changed in the wave counts shown yesterday.

Cheers!
TraderJoe

2 comments:

  1. Here's a 4th question: If we turn down from here, is there not a negative divergence on the EWO?

    ReplyDelete
  2. Answers:

    1.- Yes, there is resistance at the upper channel line.
    2.- This candle shows fatigue and resistance. But I would like to see one or two nice red candles following for confirming the retracement.
    3.- if no panic, between 5 and 10 weelky candles.

    ReplyDelete