Wednesday, June 12, 2024

ES Morning Update June 10th 2024

Still missing one last wave up I think, which I thought we would see on Friday but it never happened... or did it? That new all time high midday could have been all there is for that final Tiny Wave 5 up to complete Small Wave 1 up. I have been thinking that last move up would hit the rising white trendline, but maybe it won't?

I'm still open to it hitting, which might hit on Wednesday after the CPI before the open, or after the FOMC at 2pm, but either way we are close to ending Small Wave 1 up and starting Small Wave 2 down.

I assume that it will unfold in an ABC pattern and could last until the end of the month, or sooner. I will add that many wave 2's retrace 61.8% to 78.6%, whereas wave 4's are usually 23.6% to 38.2%, so this pullback could be deeper then most expect, but I don't see it taking out the 4963.50 low where Small Wave 1 up starter. That's too far in advance to predict so let's get to the short term, which I think today and tomorrow we don't see much of nothing until Wednesday.

Then I'll just have to look at the charts on the short term to see if the RSI and MACD's get oversold or overbought into Wednesday as if they are oversold then odds will favor one more move up to "possibly" the rising white trendline for Tiny Wave 5, but if they are overbought then odds will favor the high being "in" for Tiny Wave 5 prior to the CPI and FOMC, so a move down should follow. That's what I see for this week.

Have a blessed day.

Red
Author: Red

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