Up $1,000 on our E-mini S&P trade from this morning!
Yesterday, we tested 1981 lows multiple times — and there was no indication that we would head up — until AFTER the market close — at 6pm.
At the 4pm close, it sold off — scaring everybody off — the market often finds times when nobody is trading to actually change directions — and that happened at 6pm into the night. I was thinking of alerting then, but it was such an awkward time of the day. Oh well, we still got in – slightly late – but still decent entry at 2008ES.
Look at the a-b mountain diagram below and match it up with the double a-b-mountain consolidation that actually occurred today.
Of course, what followed next was this breakout over 2025ES:
We closed around 2028ES — a 20 point ES gain from our “late” entry at 2008 — which had minimal time in the negative territory before turning positive.
You can learn more about these A-B Mountain patterns and other patterns by pre-signing up for the Ultimate Stock Market Wave Surfing Video Course I am (slowly) working on.
I was hesitant to publish this yesterday — but yea, at 6pm I had a feeling things would finally reverse after what appears to be a lot of up and down movement in that last pink wave v — followed by an a wave up that gets annihilated at the close to a b-wave button in the after hours.
Notice the ending diagonal pattern formation in the above chart from 2pm – 4pm/6pm – generally follows this structure:
The question remains — is 1981 the low and beginning of wave III up or is wave II correction not finished yet?
My guess is that the faster we move up today and tomorrow –the more likely it is that we will turn back down to the 1965 ES region. There’s strong resistance at 2040 ES. if we can get there quickly and turn down, then I would say we retest the lows one more time.
Otherwise, a slow creep up or lots of consolidation would favor a low already seen and a slow grind up.
So far, it appears we are getting there quickly –so I would be cautious if we hit 2040ES in the next day.
Support in the low 1300s like 1305—if that breaks, then this would be a failed setup.
Sign up to become a member to access to premium videos and you get the insights you need to make more educated trade decisions. And yes, you’ll get join our Whatsapp mobile text alerts for weekly trade recommendations.
|Get Trade Alerts Now|