1st is that the low last night was a selling climax to a double zig-zag 4th wave that started in late March. The ES would thus be expected to rally to new highs in a 5th wave over the coming days.
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The 2nd possibility is that the double zig-zag is not yet complete.
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Finally it could be that the selling since late March is only the early stages of a pretty serious bear market and that there is thus a lot more yet to come. This needs to be given serious consideration for a whole host of reasons. One of those is what's happening in commodities as Albertarocks has pointed out in a recent post.
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Looks like second scenario is in play.
ReplyDeleteYes it does.
ReplyDeleteAny update on this, Al?
ReplyDelete