A lot of things are going on the ES daily chart which are worth pointing out. The first is that the daily slow stochastic has (at least temporarily) lost its embedded status. Along with this, price has struck the 18-day SMA, as below.
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| ES Futures - Daily - Line in the Sand Hit |
Another observation is that the swing line indicator with today's lower low has turned lower. Two items to confirm are 1) whether the close remains below the 18-day SMA, and 2) whether the daily slow stochastic remains below the 80 level or not.
A further item to note is that the daily Bollinger Bands are curling in and beginning to wrap around price.
From an Elliott Wave perspective, can the diagonal be over? Yes. But can it also form a diagonal with deeper legs - like 62% or more - as we pointed out earlier? This is also possible with currently about equal odds.
Have an excellent start to the day.
TraderJoe
Could be head to 6580 approx..
ReplyDeleteTrendline broken??
Not getting that big volume on the downside, movements down are lethargic..
ES Daily - it looks like the close will be above the 18-day SMA. So, we have today's lower low preceded by a higher high. Not a trend yet. Also, the daily 'looks like' three waves down, so patience, calm and flexibility still needed.
ReplyDeleteTJ