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ES - has completed a less bearish W-X-Y corrective structure
ES – has completed a less bearish W-X-Y corrective structure If you watched the video I posted yesterday you remember that I offered two scenarios. One of them was a less bearish scenario expecting a drop to 2,840 to complete a corrective W-X-Y structure. And this morning we have got that drop into the target box.
Moreover, TVIX followed my less bullish case I sent out overnight and topped right into the red target box. At this point we should see what is happening off the low. The first move up looks impulsive. I count it as a micro wave a up. Now we need to get b down and c up. That could be either wave i of ( C ) of ( 5 ) up. My problem is that this W-X-Y corrective structure was too quick and too shallow. That is why I am not ready yet to say go ahead and go LONG inn anticipation of another rally in wave ( C ) of ( 5 ). Disclaimer