Update:2:24pm EST: Could be getting ready for the final approach as the say when flying. If we are close to printing a top as we project, then a 'sling shot' set-up move may be how it occurs - these require a nice 'pullback' first. That may be underway currently or about to transpire. They are not required for a top to print however- just one to be aware of so you don't get caught inside it.
Update:12:13pm EST: ES 3668.00 has the potential for a larger retrace back down according to the math we are seeing but most likely may not be the final top.
-The pullback so far to the 3588 zone on the 5 min chart looks like a pullback either a small 'a' or '1' down as it has five internal waves. There are gaps up that could be filled before we get a final top.
-Also the pullback to 3588 zone this morning equates to -2.24% for a wave a/1 down if the wave label sticks.
Update:11:16am EST: (Dec 18 futures) ES 3668.00 is a fib extension target zone (fib +2.6) measured from the low on 11/6/20, ES 3454.75 (fib -3.2). ES 3454.75 is potentially a (yellow square) 'iv' pullback. 3668 would not however, likely be the final top.
Update:10:37pm EST: Market tops (ones greater than short-term) come on a surge of optimism and at record levels. Check back as we are watching the moves much more closely now. The process looks to be underway.
No. it is not the election- but it is the leg up from 10/30 we have had continually on the radar. It has yet to complete.
Medium Term:
The controlling structure may be a medium degree wave 4 up about to complete after this leg bounces
The controlling structure may be a medium degree wave 4 up about to complete after this leg bounces
back up to a new high on ES and on *SVXY- See related post
See Critical Long-Term Review Here
This Information Is For Entertainment Purposes Only. Financial Loss Can Occur From Investing.
Our favorite go to site- McVerry Report
VXX will soon be closing in on it's ultimate target lower:
VXX will soon be closing in on it's ultimate target lower:
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