ES Morning Update March 14th 2018


Yesterday I proposed that we could see a C wave down inside an ABC pattern to finish the smaller wave 4 down, and that's pretty much what happened. And for the most part the yellow rising trendline was where it stopped (slight pierce) at and reversed back up as you see right now. If this is the smaller 5th wave up then I still think it could reach the 2820-2840 area before ending. Since I covered most all of this in yesterdays' post I'll keep today short and simply say the market is behaving as expected so far and to look for it to crawl up some more today, but it's looking pretty exhausted up here so I'm not expecting a fast and hard squeeze. A grind today seems more likely, and possibly tomorrow we get the squeeze? I will add this though... a slow grind is preferred if you are bearish and looking for the next big drop. A strong and fast move up should delay that drop as then it could reach pretty close to a double top and hang around there chopping for many days to frustrate everyone.