Here is my wave chart interpretation of today's e-mini trading just before 2pm eastern time.There are four waves depicted on this chart. The second up wave carried further and lasted longer than did the first up wave. The second down wave was smaller than the first. Both these comparisons suggest a market that is gathering strength. We haven't seen a high volume demand shock yet, but I suspect one may develop after the Fed news at 2:15 pm today. If so I don't think the market will drop below the purple dotted line.
2 comments:
866, 10 points off the high is probably a good area to go long
Call me spineless... but I'm bailing at 869. Should have gone up more by now.
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