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Saturday, June 25, 2016

Saturday, 6/25/16 update

The bear alternate from the Jun 17 update didn't exactly play out as projected, but a bear posture towards the ES was obviously the right choice.  Currently this is labeled as a "c" wave in a flat type correction to the rally off Feb's low into the April highs.  A 50% retrace of that run is ES 1954.00, which is what is projected in the chart.  But that's no more than a guesstimate, the ES could sell off to even deeper lows or the correction could already be over.

There is a much more bearish alternate which would require a drop below the 1802 low of Feb, if it looks like that is going to happen I'll post that alternate.  Right now the steep sell off Friday appears to be a very reactionary response to politics, and as such the odds favor a low for the sell off sometime in the next week or so.
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