Saturday, July 13, 2024

ES Morning Update June 13th 2024

We got the short squeeze I was looking for, and we hit the rising white trendline spot on (pierced a little). Everything looks good to me for the top being in for this multi-week rally. I currently don't see anything big on the downside yet as we should still do a series of wave 1's down and 2's up... meaning the pullbacks should be bought during the first week as bulls buy the dips.

This is typical in the early stages after a top happens. Now while odds are good that we will have a pullback I still don't know how much? I did another chart with shallow pullback, which is below.

Now this would change the wave count of course, and it's certainly something I'll be open to happening. My focus will be to just watch the technicals closely and let them give me clues on how low we go and how long this last. But until we get started I can't predict any downside target. Let's just let the market tell us.

Have a blessed day.

Author: Red

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