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Sunday, April 10, 2016

Sunday, 4/10/16 update

Traded from the short side last week and did pretty well, but covered short ES positions established on Friday morning at the close that day.  Although my favorite timing oscillator is pointing down for the ES, there are mixed signals elsewhere which raise questions about the continuation of the sell-off.  Not least of these is the EW pattern in the ES from overnight Thur-Fri and through Friday's trading. The rally overnight into Friday morning is clearly impulsive, and the sell off from Friday morning into mid-afternoon only generated 3 waves.  If that sell-off was done at that point then the odds are that we'll see a run up to last Monday's highs at the very least.  ES short term chart looks like this:

With that in mind, here are some possible short term counts:


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