As best I can tell at the moment, a retrace of wave iii in the ES 1-hr futures would be very shallow and most of it would have occurred during holiday trading hours. So, a deeper fourth wave might be allowed to form until or unless there is downward overlap.
The overlap level in the futures is shown. Since in this configuration wave i is the longest wave, or the extended wave in the sequence, then wave v should remain shorter than wave iii.
Have an excellent rest of the evening,
TraderJoe
It will be interesting to see if the gaps close this week on the Nasdaq, S&P, and SMH. The $CPCE move to the lows on Friday.
ReplyDeleteC down has started in my opinion. I counted Friday as a 5 . Well, bias is still up
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