ES Morning Update August 9th 2024
So far the market is looking good for a “turn” late next week as the larger B wave appears to still be unfolding. The “turn” could be the high for the B wave or the low, I don’t know which? I posted a chart yesterday on twitter and in my chatroom, with my thought on it, and here’s that chart again…
I think we are in the RED path and while it shows a wave 2 down happening today that’s just a guess and it might not play out exactly that way. The point I was making is that the market should subdivide in 5 waves for the C wave inside the larger 4 wave up. Currently we are in the wave 1 up and the wave 2 down might not start until we are higher, or it could start now but be very small in depth.
Now since today is Friday we could see some amount of a pullback happen early today and the typical late day rally to start the wave 3 up. And that wave 3 might subdivide into 5 even smaller waves too… who knows for sure? The point here is that the larger 4 wave up is still in play and should last into next week some time.
Again, I don’t know if it’s a high or low but I lean toward a low because I think there’s too much “time” left, and that it won’t that that much to complete a wave 2, 3, 4, and 5 inside C of wave 4 up. We have the CPI out next week on August 14th, and from now until then is about all the “time” needed to complete all those remaining waves. Possibly the CPI will cause the last squeeze higher and/or the last drop for the wave 5 down? Just a guess of course as I’ll be focused on the technicals mostly, and the wave counts, but everything is lining up for late next week for all the action to happen.
Have a blessed day.
Source: http://reddragonleo.com/2024/08/09/es-morning-update-august-9th-2024/
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