ImpulsiveWaveTrading
Short

E-Mini, SPX: Structure Remains Bearish Below 2169!

CME_MINI:ES1!   S&P 500 E-MINI FUTURES
Market has been trading in a corrective (b) and (c) wave these last 30 days and we are very close to a significant bottom on (c) wave that will complete a wave 2 around 2080 area.

E-Mini 60Min Chart - October 23, 2016
snapshot

In the above chart, we have a clear Ending-Diagonal wave (c) of 2 and we are currently at the wave iv-v of this wave (c) that might complete this week around 2080 area. Even though we would prefer green wave iv to have completed, we are leaving an open path for an extended wave iv (green "or iv") that might hit 2148-50 area.

Chart of SPY             below can accept a higher wave iv and looking at E-Mini indicators above we might see that 2148-50 before going down one more time to fill wave v of (c).

SPY             15Min Chart - October 23, 2016
snapshot


We are already positioned short at 2135 E-Mini price level and invalidation point of this bearish view is 2169.
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