Friday, July 19, 2024

ES Morning Update February 5th 2020

Ok gang, it certainly looked like and felt like a wave 3 up of some degree yesterday. It's continuing this morning as we can see in the futures, and I suspect it end by the close today. Tomorrow we should see a move down and then back up on Friday for either a slightly higher high, or lower high... not sure? But today or Friday looks to be the last chance for a good shorting entry to ride this puppy down next week and even some of the week afterwards.

On another note I'm having issues with my website as the menu bar is gone and I can't seem to re-create it regardless of how many times I try to do so. So for now I just put the most important link on the homepage, which is the chatroom. I'll continue to work on trying to get the menu back again in the coming days, but for now just use the big green button to get into the chatroom.

Ok, so the market isn't going exactly like I thought but close enough. Clearly we finished an ABC move down over the past two week, which is some kind of large A wave. Currently we seem to be in the large B wave up, which can go slightly higher is some cases. I don't know if it will or not but like I said, today or Friday will probably be the last chances to short it before the large C down starts into next week.

And what about Telsa you ask? It's been on fire for sure but I don't normally cover stocks. However, I will say this about it, it appears to be in a wave 4 down after ending the wave 3 up yesterday at the 968.99 ATH, so one more move up for a slightly higher high, or lower high to complete the wave 5 seems likely. I wouldn't play it of course as it's a wild rodeo show that I'm not interesting in gambling on. Forecasting the movement of the SPX is hard enough.

Anyway, that's all I have for today. I am ever happy to be alive and in good overall health with just small body aches and pains. It could always be a whole lot worst. Thanks God for keeping me healthy.

Author: Red

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