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ES Morning Update February 11th 2016 Posted: 11 Feb 2016 06:15 AM PST
MACD’s on this 60 minute chart now shows positive divergence. So does the 2hr, 4hr, and 6hr charts. We now have the 5th wave down into the Thurs/Fri period. Yesterday I wasn’t sure if the move up was a completed ABC, as it appeared to be missing the C up, but the whole move up must have been the C wave with the A and B from the prior low. It now looks like that whole rally from the 2/8 low was just a complex wave 4 up. This 5th wave down has hit a double bottom in this futures chart (from 1/20 low) but I’ll like to see an A up and B down before considering any long. I don’t think we’ll see any safe multiday rally until this finds it’s true bottom and gets that first A and B wave out of the way. I only want to play the C wave up for a swing trade. And right now it’s just a day traders market as you can’t safely hold anything overnight. Lets look for capitulation volume today, as if we see it then we could finally get our bottom. |
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