A Couple of Charts
By
Zac Mannes
A Couple of Charts.
We got a nice reaction today from a perfect touch of the 100% Fib for the (c) wave in (a)-(b)-(c) up off the Oct low in ES. The Daily iCloud also acted like a brick wall of resistance. I still really like the shape of the red cloud on the Daily chart and it even looks like the lower TL of the clouds forms a nice (a)(b)(c) retrace to our circle b-wave support region in the 3700 zone +/-50pts. Ideally that even allows ES to maintain the bottom dots on Daily PSAR but flipping briefly to top dots for 3-4 days would not be the end of the world. On the 4hr ES the PSAR will flip to top dots on a move under 3835 (smaller time frames have already done so). The cloud on the 4hr should ideally contain the rest of the (a)-(b) and only see price fall below it in the (c) of circle b down toward 3700.
The CABPCR is firmly in the middle range. That fits with this being a "smaller" degree consolidation, I say smaller but a move to 3700 is -6%. It is a Minute degree b inside Minor A of the larger Intermediate (B). Ideally as we fill out a corrective retrace into support the CABPCR should be creeping back up toward the 2.00+ "extreme" level.
Stochastics on the 4hr SPX are looking very toppy, and the Daily SPX also got a red Stochastics triangle. The weekly SPX chart though only just got a green triangle and is only just turning up from an extreme low which also fits with this being just the start of a much larger and more drawn out (B)+.
In the short term we are trying to bounce more tonight in the Micro B of the b-wave inside (a). The night monkeys and their upside skew are accomplishing what failed a few times earlier this afternoon.
