Morning Update: Minor wave 4 STILL UNDERWAY with OML to come
Good morning all.
As we get ready for today's trading day we find price is consolidating in our minor wave 4 with ultimately one more poke lower towards the 3830 to 3800 region. Technically, this micro wave 4 can be done so I have indicated that with an alternative purple 4 on the below micro chart. This is an alternative if price breaches 3855 without moving into the 3900 region. However, my expectation is we have NOT finished wave 4 and should be carving out our minor b of 4 now. I do expect price to eventually get above 3900 in the next 24-48 hours. This is not an area that is safe to trade. Undoubtedly as I write this some of you will go long. Long is a slightly higher risk trade even though I am expecting slightly higher due to an alternate label being placed on the micro chart.
www.tradingview.com/...P-ES-Micro-12-18-22/
Additionally to short is to participate in the final machinations of a short term downtrend and you risk over staying your welcome. Let the pattern play out.
We should get OML this week, then have a tradable rally to conclude the year. Lets see what clues take place today and I'll update you this evening.
Best to all,
Chris
As we get ready for today's trading day we find price is consolidating in our minor wave 4 with ultimately one more poke lower towards the 3830 to 3800 region. Technically, this micro wave 4 can be done so I have indicated that with an alternative purple 4 on the below micro chart. This is an alternative if price breaches 3855 without moving into the 3900 region. However, my expectation is we have NOT finished wave 4 and should be carving out our minor b of 4 now. I do expect price to eventually get above 3900 in the next 24-48 hours. This is not an area that is safe to trade. Undoubtedly as I write this some of you will go long. Long is a slightly higher risk trade even though I am expecting slightly higher due to an alternate label being placed on the micro chart.
www.tradingview.com/...P-ES-Micro-12-18-22/
Additionally to short is to participate in the final machinations of a short term downtrend and you risk over staying your welcome. Let the pattern play out.
We should get OML this week, then have a tradable rally to conclude the year. Lets see what clues take place today and I'll update you this evening.
Best to all,
Chris
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