Thursday, June 13, 2024

ES Morning Update June 6th 2024

We've rallied into the green trendline now and made a new high. We will likely push through it by Friday and go for the rising white trendline. Again, I doubt if we get through it on the first attempt. The green trendline was hit in March, then May and this third time it should get through... so that's why I don't see it getting through the white line on the first time.

Now, will that be hit today? I don't know but if we go sideways today and/or tomorrow then I look for that push higher into Friday. Regardless of whether it's today, tomorrow or Friday it should end this rally and we should see a pullback start next week going into the FOMC meeting on Wednesday, which has the CPI out the same day.

I haven't looked at the wave count in quite awhile, so let's look at it now. Below is the big picture.

As you can see the Medium Wave 4 pullback was the one that I was looking to hit the FP on the SPY from the Yahoo site, but it stopped short at 4963.50 on the ES, so the Yahoo FP was a dud it seems. From there we started Medium Wave 5 up, adn that's what we are currently in right now. It should divide into 5 smaller waves and those waves can divide into tiny waves too.

Have a blessed day.

Red
Author: Red

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