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My Elliot Count


Been all over it:

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I didn't have my channel at the base high enough on C/1 Wave of 2. Mechanical entries and/or exits sparked this last bounce, coupled with it being the end of session. It's not holding up too bad in after hours either. I'm going to go out on a limb here and call this impulse 2. The 240 minute shows buyers having made support out of: the 55 EMA, 144 EMA, 200 DWMA (leading two bars) and the 60 shows a clear definition of a regular ABC having bottomed. The 10 minute's DWMA confirms the ascending triangle breakout setup sloped at 45° and 10 points from 47 and 57.

I'm GTC long ES 1267.75, 1% initial stop targeting 1299 (377 EMA). I'll gladly be wrong here for the potential reward. The momentum continuation divergence looks good; the bounce happened to the tick at .618 of 1247 and if it gets by me I know the trend baseline entries waiting at 57 likely will put me at a decent price at the first minor pullback. I'll gauge strength then.

I'm liking it.

Bear, bull, bear, bull...the bear, for now:

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Great analysis - thanks!