The day session range thus far today has coincided with my range estimate of 1180-93. The market is still acting weak with lower highs and lower lows visible on the 30 minute bar chart. My guess is that the ES will drop to 1175 or so, possibly later today or early tomorrow. But right now I think that tomorrow will be a generally bullish day and that the next rally will be 12-15 points or so.
After that 12-15 point rally ends I would expect the ES to drop to 1163 or so while some bullish divergences start showing on the advancing issues numbers.
I expect the next big swing to be upward to 1270.
3 comments:
Carl,
Thank you for your analysis. Does the closing price changes the thoughts about a drop to 1175?
Thanks
ARMS down to 0.60 today. I'll stick with Carl's ABC correction before the next move up.
Joe
Hi Carl,
I asked in last post too. Are you expectibe move from 1163 to 1270 in one uptrend without any correction inbetween? I also have 1270 but for late July- Augest. But before that I have one bigger correction after we get to May top of 1228 or so.
Thanks,
Yash
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