Saturday, April 13, 2024

ES Morning Update March 4th 2019

This Monday morning the premarket session is up with a high so far of 2819.75 being hit last night. We still haven't seen any capitulation move up happen but we didn't see on at the low last Christmas either... so the old rules again seem to be changed as SkyNet runs the show without any real floor traders left at any exchange. With this higher high (then last week) there's not much to do again but wait. Every time the bulls make a higher high it's like they got another first down and will have the ball for a total of 4 downs now.

Again, I think we are close but it's hard too short this thing without first seeing some weakness... like a top, drop, and rally back up for a lower high (aka, a wave 1 down and 2 back up). I have no idea what the small wave count is as it seems to just keep subdividing, but the bigger picture is still an InterMediate Wave 1 up of Major Wave 3 up (again, using Tony's last wave count as discussed on Fridays update).

When we finally top and drop it should be a nice one. I think it will be timed to happen with some bad news on the political front... Mueller, Mueller, Mueller, Mueller, has anyone seen Mueller (really Bueller but you get the picture). Bears should get the wave 1 down out of the way as should as possible (like today would be great) and then the wave 2 back up into midweek... which then could (should) have them set up for a nasty wave 3 down whenever they find Bueller (LOL).

Kidding aside the market seems to always have bad news timed around big drops, so if it's not some Trump related news it will be something else. I'll post further updates in the free chatroom throughout the day if I see some setup appear (bearish hopefully and I certainly don't want to go long this far up and over extended). Have a great day.

Author: Red

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