Requirements for a top are met from an Elliott standpoint in the ES as of this morning, and yesterday's high print of 1369.50 is almost right on the target of 1368.75.
BUT the pattern on today's downstroke was not clearly impulsive - if this is the start of a correction today's move down will have to be labeled as a leading diagonal. So more evidence is needed.
Hi Apple Al,
ReplyDeleteYou know I had a feeling that today's action was not normal. I know that this market has given plenty of head fakes recently, so let's hope that the market pulls back to least around the 1300 level. I bought some SPXU today along with some TZA on Friday. I would love to see a quick 10% profit.
Thanks for the update.
Aaron
Aaron,
ReplyDeleteJury's still out on this one. Need to see the following to confirm a top:
- clear 5 wave impulse down
- break below the lower trendline of the channel that's defined the rally from Dec 19 (that line currently @ 1344.75 and rising @ 3 points/day)
- selling pressure ascendant over buying pressure in my Buy/Sell Vindicator http://screencast.com/t/rDSU6lnj5Fmb