In Yesterday’s post: Wednesday, 06/01/16 – Support in mid 2080s Holds Again (Trade Alert), we alerted our buy recommendation at 2086ES.
Overnight, rather than rally, we pulled back in an a-b-c wave ii down — retesting the 2087 region one last time — before we finally make it above resistance in the 2098/2099 region.
Indeed, we closed at 2104ES. Prior high was 2105 ES.
We see the completion of wave 4 — and we alerted a buy @ 2086ES — right at the bottom of wave 4 expecting a 5th wave up to go over 2100—and yes, that’s what we got today.
So overnight – we got an a-b-c wave 2 drop back down to 2087 –but I had the conviction to hold on because I knew that this was within the realm of potential wave ii within the wave 5 up. Sure enough, we turned back up quickly. I maintained my buy alert @ 2086 with stop at 2083—and personally bought some calls below 2090.
By end of the day, we went over 2100 and closed around 2104ES.
That’s a an 18 ES point gain from 2086. Since each ES point = $50 — that’s $50 * 18 = $900 in profits so far!
When the market has gone up a lot — when exactly do we re-enter? That’s the tough question — and we provided the answer — at the retest of 4th wave support — ideally in the c-wave position of that 4th wave.
Alternatively, the wave ii drop within the 5th wave up (if it happens) can also offer another buying opportunity.
Of the 3 optimal buying opportunities, we actually alerted the best one!
Just yesterday I mentioned that we could be approaching 1175 in the Russell.
Well, guess what — we’re at 1172 now:
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