Thursday, June 13, 2024

ES Morning Update September 20th 2018

Slowly but surely the market is continuing to grind higher up toward that FP from 2/27 of this year. At this rate we could see it by the close today or maybe even tomorrow? Either way we are very close to a top in my opinion and then a 5-7% pullback at minimum... which could be just the first large A waved down to be followed by a B wave bounce and a possible crash (the C wave down) afterwards. It's still 50/50 on the crash wave I believe but I'm not overlooking it is possible. The A wave (5-7% correction) has high odds in my view as I've gotten two different FP's showing such a drop. But after it's done we could just as easily rally back up into the end of the year and top out over 3000 on the SPX, maybe even 30,000 on the DOW in early 2019... who knows?

Other good chartist are looking for 3100-3200 on the SPX by the end of this year, so either is possible. But I'll just play this market one move at a time. Right now I'm just waiting on the upside FP to be hit so I can short it for the 5-7% move down afterwards. From there I'd say I'll go long and see how high it goes? Maybe it dies after a 50% retrace and drops into a crash wave, or maybe it keeps going on up for another new all time high into the end of this year or early next? I'll just cross that road when I get there. For now I'm only "short alert" and patiently waiting. Good Luck to everyone.

Author: Red

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