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Tuesday, January 24, 2017

Tuesday, 1/24/17 update

As it turns out, the pattern in the ES since the Jan 6 top wasn't a pure EW triangle as suggested in last Saturday's update.  But there's no doubt it was corrective, and there's also no doubt that it's now over.  How exactly to label the correction is irrelevant at this point, so it's going to keep the triangle labeling and be counted as Minute W4.  Thus Minute W5 is in progress.  Preliminary target for Minute W5 is ES 2326, but that number is not chiseled in a stone tablet that came down from the mountain.

Hourly chart

Daily chart

I will be traveling Thursday PM through Sunday so probably no weekend updates.

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