ES Daily Candle: Higher High, Higher Low, Higher Close: Trend Candle
Market Posture: Neutral
Daily Swing Line: Higher
Daily Bias: Up (Settle Above 18-day SMA)
Resistance: Upper Daily Bollinger Band
With approximately 100 candles on a four-hourly chart, price - in the chart below - can be seen to be nearing a 1.618 extension of a first wave higher.
|ES Futures - 4 Hr - Nearing 1.618|
All of this is occurring while price is above the 0 - 2 trend line, the solid brown line shown. So, according to The Eight Fold Path Method, the up move must be respected as a third wave. While there are divergences, the Elliott Wave Oscillator has not closed in on the zero line, yet, and would be expected to around 120 candles, possibly in a fourth wave.
A down wave can not likely be ascertained, not even a fourth wave, until the 0 - 2 trend line is broken. A fourth wave might be a 38% retrace of wave ((3)) when wave ((3)) has concluded. As a result, my market posture has gone to just neutral, from neutral-to-negative.
Have a continued good holiday period!