Here is a five minute bar chart of e-mini day session trading. I think today's range will be about as wide as yesterday's - 15 points or so. I think we have seen the low at 882.50, so the high should be near 897 (blue rectangles).So far the rally from yesterday's low looks like a normal correction within a downtrend from 923.50 reached on Wednesday. I expect this downtrend to drop the e-minis into the 855-65 range next week. The only think that could alter this prognosis is increasing volume on a rally above the 900 level.
Remember that the U.S. markets will be closed Monday.
5 comments:
Carl, I could not agree with you more!
We appear to be in wave C after the wave B up to 923.50.
If the ABC correction, to the up trend since March 9, will be a zig-zag, we should lows far below 875 for this downtrend.
Carl..I appreciate your prognostication on gold, thank you for keeping that updated. Have a blessed Memorial Day holiday!! (and probably a much needed respite).
I have a target of SPX 853 (45'angle)then the next high @962,only one turn date next week may26/27.Paul
what happens when the SP hits 952?
Kcounty,after the next high should be the largest retrace in this rally to date but not to new lows.Paul
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