Monday, April 10, 2017

Count Continues - 2

Another day, and nothing has changed within the downward count, as ES 2375 has not been exceeded upward. The futures opened higher, found resistance in that 2360-65 zone that we noted in Friday's post, then sold off below Friday's close, in the process closing today's opening gap-up, then settled lower at 2353.50 in the process, there is a likely label of minuet (ii), at today's high, as follows.

ES E-Mini S&P500 Futures - 4 Hr - Downward Count

It is highly plausible that minuet (iii) of minute ((v)) in the downward direction will follow. The invalidation for the downward count remains above ES 2375. A new low beneath the prior x wave would better confirm that minuet (iii) is in progress.

Today is the first time this year that the $VIX has closed above the 200-day simple moving average.

Hope this helps, and enjoy your evening.
TraderJoe

3 comments:

  1. In this moment it looks (to me) more like a triangle, where ((iii)) is ((A)), ((IV)) is ((B)), yesterday bottom ((C)) ....

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    1. SPX looks identical, but he didn't update the count yesterday. I think the diagonal is pretty much invalidated.

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