ES1! If $3882 Was The Bottom
Updated
This is my alternative count. My previous analysis was invalid because the bottom formation at 0.618 fib retracement. I thought it would go lower but I was wrong. In this case if the bottom at $3882 was in, I think the next the target could be $4500 in November. We have a midterm election this year. I would wait for a pull back and find an entry to go long.
Note
Note
There is a resistance at $4112 but nature of ending diagonal is coming back to where it started which is $4220. Let's see it is possible.Note
We couldn't reach $4200 but $4174 is close enough. Next, pay attention at $3800. We might have a RSI divergence right there. Luckily I closed SPY and Apple calls yesterday. Good lucky all.Note
I started buying since last Thursday and will keep buying next week. Good luck all.Note
DXY still look bearish. Good for the market. If DXY breaks above $111, we may break the bull case plan.Note
If anybody curious why we have a double divergence on DXY, it's because there is 5 sub-waves inside of Wave 3, so we needed a double divergence in order to complete the Wave 3. I think Wave 4 would hold around $103-104. This is when we are going to short the market.Note
Bears tried so hard to break the formation of leading diagonal. Let's see if it holds $3662. It would be bullish if it does.Note
Ending Diagonal. My favorite play but who woke up at midnight to enter this entry? Now it's up 50 points. What an opportunity.Note
Impressive of the ending diagonal, going to 2.618 maybe and then retrace from thereNote
found something interesting. We may reach to $3500 levels on SPXNote
On SPX if we bottomed at $5858 and if this is an ending diagonal, we are looking for $4118.Note
We also have bearish divergence. It will retrace soon. If SPX can hold $3719, it's good to go long. DXY is dumping. Looking for a retracement to $113 then heading to $104.
Note
This will squeeze all of the mothers of bears if this plays out. Nobody seems bullish at the moment.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.