The Trend/Osc system gave a sell signal last night when the Dyn Osc dropped below 80 and prices closed below the trend line, ES was shorted this morning as a result.
However, prices rallied up to yesterday's high this afternoon, which reset the trendline and the Dyn Osc and the short ES was liquidated as a result.
Still looks like a bearish situation to me, but we may need a little more corrective rallying for the next day or two.
That C wave from Tuesday chart was rather long, like twice length of A, more like a 3. Thus we could have an impulse. Meaning eventually higher we go. Nontheless, I am still short.
ReplyDeleteAs it turns out you're correct, it more likely was a wave 3. However, I have to say again that with the low volume in recent day's it's hard to see how any rally can be sustained.
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