Since the low at 1804 -we got the 5 waves to 1775 – then overnight B wave down to 1836. It looks like we were set up for a 3rd wave up – which we sort of got over 1880, but then it failed early — which indicates it is not a 3rd wave.
Since then, we’e been range bound in the 1855 to 1869 range — repeating the same up and down movement. Anybody who was long in the market waiting for liftoff would have been frustrated as right when you start to see some gains in your account, they evaporate and go negative over and over again today. This is the nature of coiling action over a fairly wide region of 15-20 ES points.
Our two positions are still on track for max profit without needing any adjustments today.
At around 1pm – I consider this a failed 3rd wave as the setup was there — but that last 5th wave peaked at 1880 and turned back down. At taht point, ti would stay down and coil in the lower region.
This coiling action should set us up for a rally on Friday and perhaps over the weekend towards the 1950 region mentioned yesterday.