Friday, July 19, 2024

ES Morning Update June 23ed 2017

Not much to add this morning.  The futures are still chopping in a tight range.  The C wave down hasn't happened yet and may not happen if enough time goes by.  And that leaves us looking at scenario two from yesterdays' post, which suggests we are still in some kind of larger and smaller wave 5 up that should end with a new all time high.  Target are from 2470-2500 but usually once everyone is expecting a certain "even number" level to be hit (like 2500) it falls short of it (like 2470's) and reverses back down with everyone caught long.  At the end of next week we'll go into the 4th of July holiday, so a final high next week before that is certainly possible.  If not before it, then the first one or two days of trading after it would be likely for the high and end of the 5th waves up.

Author: Red

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