Extremely frustrated with TOS today. Could not retrieve any charts this morning due to problems with their new software release, but price displays indicated that the ES was up strong overnight and trading very close to the Stop & Reverse point. As a result, the short ES's were covered a little after 8 AM CST at 1063.00, but a long position was not established because of the lack of charts. It would be like driving at 80 MPH on a moonless night on a country backroad with the headlights off - a little too dicey. At around 9 or 9:30 TOS finally came through with instructions as to how to restore a prior version of software with back up charts, but by then the market was a runaway and the best bet would be to wait for a pull back to go long IMO. Chasing markets can be a high risk move. As I write this the ES is trading @ 1080.50, so I figure that TOS owes me $850 per contract (1080.50 - 1063.00 x $50) of missed profit opportunity. Think they'll pony up?
The preferred bearish count here shows us in a Wave 2. It is rather awkward in some areas. In this count a .618 retracement of Wave 1 is right around ES 1093.00.
The bullish alternate is even more awkward on an hourly chart, because of the TOS problems my saved hourly chart of the bull count is inaccessible, but I do have a daily chart. It basically shows a zig zag Wave 2 ending at the ES 1037 lows with a Wave 3 in progress.
