| Posted On: April 12, 2017 10:29 AM |
Bottom Line: Allowing for waves circle-d up followed by circle-e down to complete a wave-4 corrective triangle.
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 June ES e-mini futures premium = 4
4/12/2017 10:27:28 AM ET - (Last: 2350.26)
Trying to find a foothold this morning that completes wave (b) within circle-d. We’ll look for support at or above 2345 on another pullback to completes a wave (b) flat or zigzag.
"4/12/2017 9:17:08 AM ET - (Last: 2350.76)
To start today’s session both charts show only the wave-4 triangle pattern in progress. Up from yesterday’s pivot low counts as part of circle-d of a suspected bullish wave-4 triangle. Look for circle-d resistance within the 2366/71 range. From there down in circle-e would be expected to visit the 2351 area, maybe a bit deeper. Of course, the triangle pattern though it appears to be the game must be the correct pattern for these expectations to pan out. An alternate count that would look initially exactly like a wave-4 triangle right through the pivot of e-wave that allows trade to turn up again, would be if the triangle itself was one large circle b-wave within a larger downside zigzag yet to be seen. While we’ll cross that bridge when and if we come to it, for now it’s enough to merely mention it so bulls don’t become complacent about the current pattern unfolding. What we know for sure, is that the index cannot move above Wednesday’s 2378.36 high or below yesterday’s 2337.54 low to be able to maintain the bullish wave-4 triangle shape. Anticipating the action in-between could be dicey, and should be left to those most adept at quick in-out participation.
Comments and questions welcome.
Tom Prindaville
ProServices@elliottwave.com
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