This update will be quick, Im very lazy this weekend.
ES short term was already posted earlier today.
There are 2 pathways Im following:
1 - H&S pattern, visible on the chart. That pattern if triggered will make full 5 down into early next year low to finish the whole move down from Jan high.
(Fits perfectly with VIX sky rocket from its below 20 level)
2 - Finishing the C wave up with A being over and B about to start.
Im still looking for 3750 level being hit to close the gap and one more rally over 4200 from there.
This scenario should play out quick or I will take it off the list if B is not reached by mid Dec.
Then a good rally into Jan high above 4200, check the number of the C ending on the chart.
Fibs align perfectly with this pathway!
We have a full Moon on Dec 8th, usually markets tend to make a high or a low at or around the full Moon.
It seems we are going to get one here early next week.
My best pathway is down to 4k tomorrow and rally from there into Tuesday high. There is a huge SPY put wall at 400 for tomorrow, Im sure it will hold on any test tomorrow, so if tested it will be a perfect long entry with a 15-20 points stop.
Or if 4k is broken then we should see 3940-50SPX zone tested which is the strongest support for the whole bull move here, should hold on at least 2 tests imo.
Also VP (volume Profile) line is around 3960SPX level, a perfect magnet.
So my next week game plan is - buy tomorrow low, sell Tuesday high (might stretch to Wed am high), then down we go into a rabbit hole with ideal target at 3745-50SPX.
Main bear bull support line is at 3940-50SPX level for the next week! Below it and this move up is over and the price will retrace back to 3750.
Have a very profitable week!
ES short term was already posted earlier today.
There are 2 pathways Im following:
1 - H&S pattern, visible on the chart. That pattern if triggered will make full 5 down into early next year low to finish the whole move down from Jan high.
(Fits perfectly with VIX sky rocket from its below 20 level)
2 - Finishing the C wave up with A being over and B about to start.
Im still looking for 3750 level being hit to close the gap and one more rally over 4200 from there.
This scenario should play out quick or I will take it off the list if B is not reached by mid Dec.
Then a good rally into Jan high above 4200, check the number of the C ending on the chart.
Fibs align perfectly with this pathway!
We have a full Moon on Dec 8th, usually markets tend to make a high or a low at or around the full Moon.
It seems we are going to get one here early next week.
My best pathway is down to 4k tomorrow and rally from there into Tuesday high. There is a huge SPY put wall at 400 for tomorrow, Im sure it will hold on any test tomorrow, so if tested it will be a perfect long entry with a 15-20 points stop.
Or if 4k is broken then we should see 3940-50SPX zone tested which is the strongest support for the whole bull move here, should hold on at least 2 tests imo.
Also VP (volume Profile) line is around 3960SPX level, a perfect magnet.
So my next week game plan is - buy tomorrow low, sell Tuesday high (might stretch to Wed am high), then down we go into a rabbit hole with ideal target at 3745-50SPX.
Main bear bull support line is at 3940-50SPX level for the next week! Below it and this move up is over and the price will retrace back to 3750.
Have a very profitable week!
Comment:
Zoomed out ABC pattern with B being almost done now!