Hello, according to my count wave 2 green seems to be finished.
I expect a final decline for wave 5 red circled. As always ema 55 is confirming this count.
Invalidation level above 1996.
Be careful tomorrow we have heavy NFP news.
Nice chart! But isn't wave 4 a bit short (in time), compared with wave 2? Have you considered the option that wave 4 could form a triangle or something similar? Like the correction in August 2011 for example. In any case, you might look for some confirmation that we are really already in wave 5 down.
Hello, yes off course, wave 4 could be a triangle or more complex, but i would not wait until that, just my trading style. I have this trade open, took partial profits and moved SL to BE, watching close price action and keeping my mind opened to other scenarios. If i have another confirmation for wave 4 finished i will add more positions. Regards.
Hello, you may be right after all - looking at the price action in the ES futures following the jobs report... If it's a triangle, and a somewhat symetrical one, then we should not dip much below ES 1915. We'll see.