Saturday, July 13, 2024

ES Morning Update October 1st 2018

The futures are up this morning nicely over 14 points I write this morning update. This should be the final 5th wave up to end a very long rally starting back in January of 2016. If all goes well we will go up again tomorrow and possibly Wednesday to top it all out. I'm still expecting this to end on Tuesday or Wednesday and then to start a very large drop drop into most of October. It should scare the crap out of every trade and look like the January drop... but worst. It could even take out the lows put in from that drop as well, or best case it just double bottoms there.

But we need 1-2 more days of a grind higher for this to setup. If we rolled over today and started a move down it could lessen the drop. So if you are a bear here you want today and at least tomorrow to close green and preferably Wednesday too (but not 100% required... a flattish close slightly in the red might be "ok" as well). I'll keep this update short and end it here as that's what I'm looking for to happen. Failure here might avoid the big drop and push things out or into a chop mode... too early to tell. Just root for the bulls today and tomorrow so they can run right into that large meat grinder just a day or two ahead of them.

Author: Red

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