Since nearing highs of 2440 ES last Friday at the close, we’ve spent 3 days since then consolidating in what appears to be an A-B-C double zig zag pattern down towards 2426 ES.
The potential count at the right suggests that we completed the 3-day wave 4 pattern and are setting up for one last move to complete wave 5.
Once wave 5 is complete, a correction down towards 2420 ES is likely — unless we spend another day coiling just under 2440 ES tomorrow. In that case, we would be setting up for higher.
Interestingly, almost all charts appear to have a setup in place – will be interesting to see whether they actually play out or not.
A few weeks ago, I made a video on Ethereum – recommending an optimal buy point at $165 — now it’s at $250+, we’ll see if it holds. $240 is support.
The previous pattern suggested a buy entry at the C/4 entry point at 2406 ES — also shown above in the optimal buy point circle.
It appears we completed the wave IV yesterday at 1382 TF — lower than expected and intersecting wave I territory by a few points.
Here’s the houryly chart after zooming in.
The Nasdaq attempted to move up in the morning – but failed – so that becomes a b-wave. It turns out there was a double b-wave — forming the count shown below.
After making new highs yesterday, gold pulld back – but stopped right at support and the top of wave 1.
If gold has a setup to the upside, NUGT should follow as well.
Silver had an a-b-c pullback towards 17.5 and is so far holding up.
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