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Looks like Carl really nailed this last little pullback down to 1086 with a run to new highs!:)
Carl,If you're so confident the ES is going to 1121, why don't you hold your trades from weeks ago? When the ES hits your target will you turn bearish? BTW, were you ever a bear?
Wags,The 1086 was simply a Wave IV pullback. Carl, within this last Wave V up, we will have five subwaves. We completed I up and II down on Friday and are in the midst of Wave III up(started from cash S&P of 1088. Like you, I expect a little pullback around these levels to again a 38.2% retracement of Wave III. If we top at 1110.73(cash s&p), Wave III will have had ~23 points. Taking a 38.2% retracement is ~8 points to 1102. As such, I'm not expecting we go below 1100 today. I will look for the final Wave V to start up sometime tomorrow to 1120 or so.
Jeff,I am well aware that the pullback to 1086 was simply a Wave IV according to Elliott Wave. I was giving Carl kudos for yet another excellent call! Lots of people were still looking DOWN, but Carl continued to observe the fact that the trend was still intact to the upside.
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