Thursday, December 12, 2024

ES Morning Update November 27th 2024

The grind higher continued yesterday and afterhours where we got up even closer to a new all time high. Today or the half day on Friday is the last chance to make a new high I think. Again, as I explained in detail on my Monday post, I don't think we reach the FET of 6435 on the ES as past history doesn't support that happening.

It seems all the shorter and medium term FET's get hit in the bull market but at the end of it the price will fall short of hitting. That leads me to believe we won't see much more on the upside and I'm 50/50 on whether or not we will even hit a new all time high?  It might stay under it and put us on my Alternative Wave Count?

As far as the wave count goes (Main Wave Count) we are probably in some tiny degree wave 3 inside a 5 of 5 of 5 or something. It's the last few waves basically, and can end anytime now. If we get the squeeze today then Friday should have a tiny pullback early and float back up into the close to finish the 4 and 5 and complete everything.

If instead we do NOT make a higher high today (or Friday) then we are on my Alternative Wave Count and again, can end at any time.  It would complete Small Wave B up and next will be Small Wave C down into mid-late December.

If you are a bear it's my opinion that a big opportunity for a great short entry will appear today and/or into Friday.  Whether that is a higher high or not is unknown?  "Time" is running out here for this rally and we might not see a blow off top?  Maybe it stays under the current high or just ekes one out by just a few points? I don't know for certain what is going to happen but I'll have my finger on the short button as in the end it will be a gut feel.

Have a blessed day.

Red
Author: Red

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