Yesterday, we said we could only count a 5-3-5 downward, and further analysis depended on a higher high or a lower low. The higher high is what occurred and was no surprise in the whippy volatility. The ES 2-Hr chart is below.
Friday's higher high likely makes Thursday's upturn wave a :5, and the higher low as a :3, and now possibly making another five higher. If that is the case and a 62% retrace is obtained, then it is possible that wave (i), down, might be a diagonal. There is insufficient structure to conclude that yet, so we are patient. The alternative at Thursday's low is alt (x).
Comments might resume next week. Have an excellent rest to the weekend and holiday if you are celebrating in the USA.
TraderJoe
ES 30-min: a reminder to generate the intraday wave-counting screen.
ReplyDeletehttps://www.tradingview.com/x/Uichcea8/
The intraday bias is down, and the daily bias is still down.
TJ
A new post is started for the next day.
ReplyDeleteTJ