This market is running to the upside as if counts are irrelevant – right now it just looks like an extended 5th that keeps extending.
While we caught the bullish move starting from 2497 ES up — we exited too early at 2513 ES — because now it’s all the way at 2552 ES and looks like it will continue towards 2560ES. Hard to make sense of the pattern until we get some more movement. The volatility levels are at historic lows — with so little up and down movement, it’s hard to identify the count at the moment.
So far the start of a historically volatile October month has been nothing but up.
Meanwhile, bitcoin is over $5700 while Ethereum has been lagging bitcoin’s performance. Supposedly there is some “fork” coming up in November that some people are attributing to as the reason why bitcoin is going up – but logically, it would make more sense that bitcoin goes down because of that news — so yet another example of markets never act rationally. For the time being, best to follow the direction of least resistance, which is up.
I was expecting a 5th wave to end around 2530 ES – but the market had other plans to just continue drifting higher. I can’t really say more until the market gives more clues.
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