Two events worthy of note between yesterday and today. First, we broke decisively above the downtrend line from the 4/26 highs, and second we breached above the 200 day MA. Although I don't trade off moving averages there are a lot of folks who do, and breaching the 200 day MA will attract buyers.
4 waves can be counted up from the low marked Wave 2 (red) with a 5th in progress. In this count wave 1 (black) is ES 32.25 points and wave 3 (black) is 31.50 points, thus wave 3 is shorter than wave 1. According to Elliott rules, wave 3 can't be the shortest wave so with wave 4 bottoming at 1084.25 then wave 5 can't travel farther than ES 1115.75 (31.50 + 1084.25). If that should happen we are either going to see an extension of the move or the wave labeling has to be reconfigured. Also, the 1115 area, if achieved, needs to be watched closely as a spot to possibly close the long ES.
Vindicator is behaving well. What I like about it is that it has no emotions, it makes money on both long and shorts. No bias, no prejudice.
ReplyDeleteTony - yes, if I could eliminate my emotions from my trading I'd probably improve 1000%. Web page for ES? don't know, I have an account with TOS so I've never looked for one, why don't you try Googling ES or E-mini S&P, might give you some leads.
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