Five waves down can be counted in the ES from the mid January highs:
Daily indicator is in buy territory:
Wednesday, January 29, 2014
Wednesday, 1/29/14 update
Five waves down can be counted in the ES from the mid January highs:
Daily indicator is in buy territory:
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Hi Al,
ReplyDeleteI follow you all the time since you seem to be the calm within the storm. I have noticed that there is an ending diagonal 5th wave forming on the the 4-hour ES chart. Looks to be valid to me. Target is 1761 to 1756 since below 1755.75 invalidates the ED.
Here is a link. Looks very appealing
http://sbvanalysistrades.wordpress.com/2014/02/01/a-clue-to-the-next-move-for-esspx/
An ED in progress here is quite possible, although it does have the problem of a pretty clear 5 wave count in the 1st leg on Wednesday, an ED should have 3 wave moves in both directions. An alternate is that the impulse off the mid-January highs concluded at Wednesday's lows with waves A & B of a flat in place after that and wave C of that flat in progress off Friday's low. But that could be wrong & the ED idea correct - I think the primary message here either way is that the bear market has not yet let up.
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