The ES daily futures lost their embedded status and price has concomitantly retreated down towards the 18-day Simple Moving Average (SMA), as per the ES futures daily chart, below.
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| ES Futures - Daily - Loss of Embedded Status |
So far, the swing-line indicator only has a higher high and a lower low. For a trend, one would want to see lower highs and lower lows below the 18-day SMA. So, a retrace upward certainly could be expected. For this reason, and the fact, that we can count five waves down on the SPY (cash) 15-min according to The Eight-Fold-Path Method, as in the comments for the prior post, one should place a wave-counting-stop (WCS) above the prior high.
Have an excellent start to the evening,
TJ
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