Holiday Waves

On the ES daily chart, below, remember, we cited a level of 4,034.50 for the potential invalidation of wave minute ((ii)) of Minor 3, lower. Over the holiday, the wave structure formed an apparent double-bottom at the location marked as minuet (x). This double-bottom was previously discussed.

 

The upward wave structure has progressed enough for us to decide that, as long as 4,034.50 is not exceeded higher, then this can all be part of minute ((ii)) of Minor 3, even though the prior high has not been exceeded higher. The upper daily Bollinger Band might be hit or not. In terms of time, remember that it is very unclear which peak wave Minor 2 ended on.

Remember, the Payroll Employment Report is tomorrow morning before the open, and it can lead to some whippy market conditions.

Have a good rest of the evening.

TraderJoe