Chart print 04:30pm EST. Maybe enough - two bottoms and one up wave to create a rough target estimate. Looks doable. Went back to conventional A-B-C 'corrective' labelling for now. The weekly $nyad MACD signal is about as bad as you are ever going to see it and sends a very strong message that lower market prices are just getting started (next, after a possible retrace up to "C").
Chart print 12:55pm EST. Two bounce/bottoms are more likely to be associated with a bear structure ("A" and "C") especially one as large as this- rather than a long-term bottom. That would fit with current analytics.
Update: 11:20am EST. Global Trading Signal is still printing 'Extreme Agitation' so that might encourage a bounce/bottom to print somewhere today.
The analytics are looking at signals from all sources to paint as clear a picture as possible. As a more definitive structure appears that meshes with all these signals in the correct sequence- the more likely a reliable projection will come into focus in a timely manner.
ALTERNATE: A LARGE BEAR FLAG IS UNDERWAY! This is what has been promoted here anyway- the size and pattern have been in question. "A" down may have printed at the low 2853.25. What is occurring is now more likely in a larger degree construction. Not much in the analytics seems to promote a large move back up at this point other than to a final 'top' in a potential bear flag. Patience will be required as the degree is defeating many 'normal' charting methods.
Looks like Global Trading Signal is printing 'Extreme Agitation' which will likely result in a second 'bounce/bottom' - if it completes, that might do it for a successful resolution to this consolidation. Also- VXX is hitting and inflating it's range terminal value - usually a sign that it is very close to completion.
Could be headed for a deep retest (ES 2904-ish) or continuation down-
All bets are off if ES 2853.25 gets taken out!
Chart print 12:55pm EST. Two bounce/bottoms are more likely to be associated with a bear structure ("A" and "C") especially one as large as this- rather than a long-term bottom. That would fit with current analytics.
The analytics are looking at signals from all sources to paint as clear a picture as possible. As a more definitive structure appears that meshes with all these signals in the correct sequence- the more likely a reliable projection will come into focus in a timely manner.
UPDATE: 10:00AM EST. ES cash 2872.50 zone also shows potential for a deep target.
10:35am EST. hitting resistance 2965 / 2958 areas. Thought: possibly looking for total of 3 bottom prints with the current one 2 of 3 before we move up with any substance. It is a deep red market. This has happened before in 2018.
ALTERNATE: A LARGE BEAR FLAG IS UNDERWAY! This is what has been promoted here anyway- the size and pattern have been in question. "A" down may have printed at the low 2853.25. What is occurring is now more likely in a larger degree construction. Not much in the analytics seems to promote a large move back up at this point other than to a final 'top' in a potential bear flag. Patience will be required as the degree is defeating many 'normal' charting methods.
Looks like Global Trading Signal is printing 'Extreme Agitation' which will likely result in a second 'bounce/bottom' - if it completes, that might do it for a successful resolution to this consolidation. Also- VXX is hitting and inflating it's range terminal value - usually a sign that it is very close to completion.
Could be headed for a deep retest (ES 2904-ish) or continuation down-
All bets are off if ES 2853.25 gets taken out!
See Critical Long-Term Review Here
First strategy is to not get on the wrong side of the market. Long term: WKLY $nyad MACD Signal (-)273 (RED) + short term: Currently printing potential 2nd bottom.
Our favorite go to site- McVerry Report
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Chart print 04:50am EST.
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