Wait. What?
We just equaled the all time high in the ES fucutures yesterday, and you’re telling me we’re at a low at 4 AM live in New York on Friday morning?
No, I’m not telling you that I’m live in New York. I’m in Croatia.
But the market should be at a 5 day cycle low, as I type. It has pulled back from that high it made yesterday afternoon. Given the extended up phase, the down phase would normally be very short. And here we are at trend support, with a 2-3 day cycle projection of 3915 having been reached, so I’m guessing “low” here.
Click to engorge
However, if they break 3911 here, I’m gonna be wishing I hadn’t said the above. The next target below that would be 3900.
If we hold here, and then stall at 3925-30 on the way back up, then we have the makings of a top. But if they clear that, it… could… go… all… the… way.
The reverse head and shoulders breakout has a conventional measuring objective of 4100 or 4150.
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