c505218304b50c59c3659f6dda43bae7-links-0–>ES breaks into all-time highs (though SPX did not yet).
We went to 2116 overnight and intraday we hit 2118 after pulling back to 2109ES.
In addition to this trade, we also have TWO other trades and are holding those for now.
Do you know which wave pattern we relied on to make the purchase at 2086ES
How were we comfortable buying –even when the market already moved up a lot?
–even when almost everyone else was actually shorting the market — betting the market would go back down to “where it belongs.”
We essentially bought high — and sold even higher.
But why in this situation and not others?
We talk about this in the Buy Low, Sell High – VS – Buy High, Sell Higher article here.
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Looks like we may be pulling back to the 2105 region first before we can get greater clarity on where we go from here. If we consolidate for most of the night and into tomorrow, then we could extend further up. We shall see.
Earlier, the nasdaq was the strongest — now it’s the weakest of the 3 indices — constantly staying around the low 4500 region while the Russell has made new highs. Technically, the Nasdaq did make new highs overnight — but it was unable to get back to those highs during the day.
Russsell Hourly ChartRussell appears the most bullish of the 3 indices. While the S&P might label the June 3 drop as the c-wave of a 4th wave potentially — with the Russell, that possibility doesn’t really exist. Instead, i see the Russell already extending — as long as support in the 1170s holds.
You see that little spike towards 2125 in the prediction below? I think that’s where we might be in the pattern. Of course it didn’t go as high as 2125 — instead we went to 2118.
We exited our long trade today @ 2116 from our entry at 2086 — a 30 point ES gain for $1,500.
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