The ES appears to be tracing out a diagonal for the 5th wave, which looks like it's close to done.
So odds are that there will be some selling in the very near future. The question is whether we will see just a correction or whether there will be a resumption of the prior bear trend. In the case of a correction the first support should be in the area of the prior 4th wave low around ES 1065.00
On the Vindicator the Buy line rapidly fell away this afternoon. The bulls seem to be loosening their grip.
However, still long ES from last week @ 1032.00. The oscillator continues to hold above that 80.0 line, and prices are well above the lower trend line drawn from last weeks lows. The only action taken today was to move the stop loss up a few points to ES 1050, which was the level of the lower trend line at today's close.
Great stuff, Al.
ReplyDeleteWas guessing you'd move the stop loss to 1055. You seem to have a pretty good system here. The more I learn, the more impressed I become.
Stop loss for disaster protection only, don't want to get to close. BTW thanks for the compliment.
ReplyDeleteWelcome back from your trip out west. I also am getting ready for a trip to Toronto, Montreal and Ottawa leaving this weekend. That last V trade is working out well. Your patience paid off. I sold my FAS longs at Friday high, now I have a small 1000 TZA. Will wait for a break of ES 1064 to add onto that short.
ReplyDeleteSurprise to the upside so far today - looks like "go long or be wrong" is where it's at
ReplyDeleteVindicator working like a charm :)
ReplyDeleteI'm happy with it - long from ES 1032 and holding
ReplyDeleteAl, One of those days I regret not following you.
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