ES - has started the rally I expected
Yesterday I repeatedly posted that count and pointed to continuous attempts of TVIX to get through the Red Target box. And every failure only made me more confident about my bullish directional bias for ES. In general, I trust in TVIX counts much more than in those of ES.
If I happen to come up with two inverse counts for ES and TVIX that makes me very confident about direction of the next move.
That was the case yesterday. TVIX looked having topped while ES looked having bottomed.
TVIX may drop all the way down to 14.24 – 11.93 in wave ( c ) of B down (the Green Demand Zone ).
TVIX - 120 min chart updated at 2-00 AM on 8-16-2019
ES has completed a-b-c move up off the low made by overnight panic selling on August 5. And then it played a textbook corrective expanded flat a-b-c structure of wave ii down. From here we should get rally that may keep going up to 3,020 in wave a of iii. In general, I count it as a rally in wave ( c ) of ( v ) that should make new all time high and finally complete the big rally in wave ( A ) of ( 5 ), the one that has been going since December 2018. Then I will be willing to turn mid term bearish for a large corrective wave ( B ) down.
ES - 240 min chart updated at 2-00 AM on 8-16-2019
Below I show you a bigger picture of what I have just explained. [ As you can see I experiment with mixed kind of posts where I combine several charts of different instruments and different time frames. I would appreciate if you could give me your feedback as to what kind of updates you prefer more, single chart focused ones, or that type of mixed ones. You can leave your feedback in the live chat that can be initiated by clicking on pop-op link in the right low corner of this screen. Alternatively, you can drop couple of lines to my email castawaytrader@gmail.com ]
S&P 500 index - Daily chart updated at 8-16-2019
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