Wednesday, June 12, 2024

ES Morning Update May 22nd 2019

Yesterday morning rally held all day and finally has rolled over this morning. It could drift down to that "possible" FP yesterday of 283.95 before bottoming and turning back up but I wouldn't try to trade it. It does look like a wave 2 down or B with yesterdays move up an A or wave 1. So at some point today I'd expect it to start turning back up for a C wave or wave 3. If it doesn't start today then it should do so tomorrow with a gap up. I have to think that the upper black trendline in the falling channel is going to be hit at some point soon. Today it's pointing to around 2880 or so, which is around the prior highs last Thursday and Friday. The bulls really need to start a big move up soon or else they will run out of time and the bears will take control again. I'll end here and keep this update short and sweet. Have a great day.

Author: Red

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