So far the market is following through our prediction – we are at 2457 ES – and have been since last Friday — the difference is we made a small spike lower in the morning at 2448 ES and then spend the rest of the day grinding up.
So how would we get to 2485-2500 ES ? Maybe we won’t and it tops at 2470ES.
If we do get to 2485-2500 – I see possible ways — extensions or a wave 2 drop.
Extensions would happen if we have consolidation in that region with minimal pullback.
If not extensions, then another way we can get to 2485-2500 — is to hit 2470 and then drop to 2442 ES in a wave 2 — then a wave 3 up high — assuming it turns up.
The bearish possibility is that we top at 2470 ish and form some A-wave down — I don’t know the size of that a-wave – will have to see when we get it.
I think there’s a decent chance that tomorrow will provide a green candle.
The previous hourly S&P chart has a target of 2460 ES – which did hit if you see the above chart — actually 4 times.
Sign up to become a member to access to premium videos and you will get the insights you need to make more educated trade decisions. And yes, you’ll get to join our Whatsapp mobile text alerts for weekly trade recommendations.
|Get Trade Alerts Now|
Need assistance with getting approved for options by your broker?