Morning Update: ES Futures are in No Man's Land
With yesterday's spike and reversal, for this analyst, it continues to complicate things. Yesterday's rally came in the form of a 5 wave structure. For me the question remains a 5-wave structure of what? ( a c-wave to complete black b of B, or a wave-1 of purple C) In the primary black count, we came up short of a standard retracement by just 10 points.
www.tradingview.com/...-es-micro-1-10-2023/
But those 10 points became a potential big clue when price reversed. Follow along with me...In the main chart our bounce off of 3502 to our A-wave high took 2 months to complete. I was looking for a B wave to complete in roughly the same timeframe. I was not looking for it to complete in 3 weeks. Therefore I have added a purple count that reflects B having completed at 3788 and forming a leading diagonal for 1 of c to start off our c-wave higher. If price comes down but does not breach the 3850 level and then impulsively takes out yesterday's high of 3974, then there's a high probability we're headed to the 4300 area for our primary b-wave.
As of now, I have not abandoned my primary black B count. In the black primary count we topped in b of B yesterday and should be headed down to 3700-3600 area. AS OF THIS MORNING, I HAVE NO PROBABLE DISTINCTION BETWEEN BLACK AND PURPLE.
In my opinion we're in no mans land until we breakdown below 3850 and then immediately breach 3788...Or we trade above yesterdays high 3974.
Best to all,
Chris
www.tradingview.com/...-es-micro-1-10-2023/
But those 10 points became a potential big clue when price reversed. Follow along with me...In the main chart our bounce off of 3502 to our A-wave high took 2 months to complete. I was looking for a B wave to complete in roughly the same timeframe. I was not looking for it to complete in 3 weeks. Therefore I have added a purple count that reflects B having completed at 3788 and forming a leading diagonal for 1 of c to start off our c-wave higher. If price comes down but does not breach the 3850 level and then impulsively takes out yesterday's high of 3974, then there's a high probability we're headed to the 4300 area for our primary b-wave.
As of now, I have not abandoned my primary black B count. In the black primary count we topped in b of B yesterday and should be headed down to 3700-3600 area. AS OF THIS MORNING, I HAVE NO PROBABLE DISTINCTION BETWEEN BLACK AND PURPLE.
In my opinion we're in no mans land until we breakdown below 3850 and then immediately breach 3788...Or we trade above yesterdays high 3974.
Best to all,
Chris
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