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My interpretation of whether wave (ii) purple has terminated is still open after another day of trading. market found support and trade has turned back up, keeping the the possibility of a larger upside correction on the table. Yet, prices still have not moved beyond the 1054 mark which would...

From my week in review, I stated several resistance areas. In the pre market, the overnight session reached 1072.75, and closed the open gap. Although price never tested the area again during the day session, my interpretation of whether wave (ii) purple has terminated is still open for the...

Another week has come and gone and the only thing that the bears can say is that the market lost (6.25) for the week. The last time I made a post, I offered two scenarios for Friday. The upward wave (ii) purple scenario played out after extending the b wave down, re-testing 1037.25 in a flat...

For tomorrows trade, I will be looking at two possible outcomes as shown on the attached chart. If trade continues down in an impulsive manner, we need to see 5 waves down to truly confirm that wave (ii) had ended. A push up and a break of the red trendline would leave the door open for the gap...

Not much to go over as the overnight session is on stand-by awaiting the jobless claims number at 8:30 est. The chart shows the resistance levels for a proposed wave (ii). As I mentioned last night, the wave either compleeted yesterday or will develop in a more complex manner. Therefore, all I...

We hit the first target (1038) and turned tail to the upside. Notice the divergence of the MACD histogram. This is typically found between a 3rd and 5th wave as it confirmed that wave (i) purple was completed. I must admit, the wave structure would have counted better if there was one more...

A break of 1037 in ES_F sets up next targets of 1030 - 1034 area.

First target of 1038 hit.

As expected, selling pressure resumed in the overnight session. Watch the target areas that I posted last night.

The market is currently working wave iii circle down and it appears that further selling is in order on a near term basis. At a minimum, wave iii circle = wave i circle at 1038. There are also other potential targets at 1034 and (1030.25 - 1030.5; respectfully, the .786 retracement and the...

The overnight session is trading up confirming my "week in review" analysis. There's additional supporting evidence that critical resistance of 1083.75 is a significant area to watch. First, we have two fibonacci resistance levels at 1086.5 and a 1.382 reverse extension at 1084.25 on the ES1...

Sorry everyone. I made this post but somehow the commentary didn't update. He's my comments for the 8/21/2010 post as well as the chart again. Often when several scenarios present a greater tendency for trade in one direction you have to play it. The odds favored a decline (66%) and a 33%...

The Market took off to the downside right after the negative Jobless Claims number was released at 8:30 EST. Prices traded heavy all day and in an impulsive manner. I have provided a chart tonight showing two possibilities. I realize that there is allot going on in the chart so let me explain...

However, the deep retracement does cause some concern that a more complex wave (ii) is still unfolding opening the door to further upward prices (see chart 2). The chart is not drawn to scale for any projections but shows the general direction of an alternative wave structure that may play out...

Interesting day in that what appeared to be the start of something big to the downside fizzled. By 3:30 pm est., the market had clawed its way back up to challenge the near term top of wave (ii). Until a break of 1089.5, the current wave count stands (see chart). Best of Trading

Just a short note here tonight. Today may have marked the end of wave (ii) purple right in the area of our Fibonacci cluster points. Getting below 1083.25 would bolster the case that wave (ii) had indeed ended. Best of Trading

Early action in the overnight session is progressing as anticipated in an upward fashion. If the current rally is to unfold in a simple zig-zag, then the target(s) for the completion of wave c of wave (ii) is: wave c = wave a @ 1087.25 wave c = .618 wave a @ 1081.75 (already reached)...

GettingLucky - Also draw the trendline from the low on a daily chart and then take another look. Interesting? You can see the significants of a break below the trendline a few posts back. The trendline should be eclipsed on the next trip down. Right now, a retracement up is the game...