ES - keeps alive both micro counts
Yesterday I posted a report explaining two micro scenarios.
Then I posted a video explaining a long-term count of ES mini and those two micro scenarios.
Watch the video here:
ES keeps alive both counts
Under the alternative count ES topped in a micro wave iii up overnight.
It played a dirty trick by getting over the previous top at 2,634.50 and running stops left by short sellers over that resistance.
We expected ES to stretch to top in wave iii at 2,645 but it stopped at 2,635.75
We expected ES to come back and retest the top of wave i up at 2,567.50 in a micro corrective wave iv down
So far it dropped to 2,572.50.
Under that Alt count we may get another rally in wave v up making one more higher high
Previously I expected wave v up to stretch to 2,700 but because wave iii failed to tag its target at 2,645 we may not get that high in the final wave v up.
Now I want to share two concerns about that count.
First, wave iii failed to stretch to a bare minimum 123.6% ext.
Second the drop this morning does not have a corrective a-b-c count.
ES - 9,000 tick bar "Alternative" chart updated at 8-55 AM on 3-31-2020
Those considerations bring us back to our primary count:
It’s very possible that wave B up topped overnight and we are watching wave i down in an impulsive drop of wave C down.
Under that scenario we need to get wave i down followed by a corrective pullback in wave ii up and that would be our shorting setup.
ES - 9,000 tick bar chart updated at 8-55 AM on 3-31-2020
Previous Updates:
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