The main truncation count (*) on the ES 8-hr chart, currently counts like the chart shown below, and is somewhat based on earnings performance, so far.
But this count has to prove itself by making new lows. A clear invalidation is shown. At the present the count is channeling well. If there is to be a third wave, it should shatter the lower channel line and try to make a 1.618 wave, lower. That is because the up wave, b/ii, is slightly greater than a 62% retrace.
Have an excellent start to the evening,
TraderJoe
Thanks Tj. That montly red bar will support the truncation :)
ReplyDelete