ES - S&P 500 potential up-move
Updated
Last days where pretty crazy again.
So let's dig in to the daily TF and see what the chart reviles us.
We had the move down to P 5/0.
From where we expect a new 0-5 wave up.
Since price trades lower than P1, we can say that this guy is confirmed.
From P1 price moves down, and up again.
This is just another wave count in a lower TF, because we would need to see price trading lower than the lowest point from P1 down to where I drew the grey support line.
That was accomplished barely with the few points lower at (2). So far we can't confirm P2. We would anyway need a higher high above P1. That means, A low is only confirmed when the HIGH is broken, P1.
According to the Mini-Medianline, price tells us that we have to wait for a clear break of the U-MLH, the Upper-Medianline-Parallel.
Today could be the day, as price opened outside the U-MLH, and as I write this, price finds support at the U-MLH.
Another indication for an up-move are all the Wicks to the left, marking a support zone.
All this Coffee Ground reading leads me to see a potential up-move is coming from today and next week, and it could be big.
So let's dig in to the daily TF and see what the chart reviles us.
We had the move down to P 5/0.
From where we expect a new 0-5 wave up.
Since price trades lower than P1, we can say that this guy is confirmed.
From P1 price moves down, and up again.
This is just another wave count in a lower TF, because we would need to see price trading lower than the lowest point from P1 down to where I drew the grey support line.
That was accomplished barely with the few points lower at (2). So far we can't confirm P2. We would anyway need a higher high above P1. That means, A low is only confirmed when the HIGH is broken, P1.
According to the Mini-Medianline, price tells us that we have to wait for a clear break of the U-MLH, the Upper-Medianline-Parallel.
Today could be the day, as price opened outside the U-MLH, and as I write this, price finds support at the U-MLH.
Another indication for an up-move are all the Wicks to the left, marking a support zone.
All this Coffee Ground reading leads me to see a potential up-move is coming from today and next week, and it could be big.
Comment
We opened above the red U-MLH (former yellow), and up we go.The fact that we are trading even above the Medianline of the yellow pitchfork means, we have a good chance to move up even further.
Protecting profits is vital!
Comment
Today we trade AT the U-MLH.If we open outside it tomorrow, we can expect further upside.
In contrary, a failure (price is closing in the Pitchfork) speaks for a new target down at the centerline.
Observe and learn and...if you're still long, protect your profits.
Comment
Today the market opened outside the U-MLH.Expect a pullback to the U-MLH. And then from there, upwards again towards the WL (Warning Line, dashed red).
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