World Cycles Institute

Good Riddance to Wave D

Market Update for Friday, June 8, 2018

Market Update for June 8, 2018

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Market Update for Thursday, June 7, 2018

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Market Update for Wednesday, June 6, 2018

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Market Update for June 6, 2018

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Market Update for Tuesday, June 5, 2018

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Market Update for June 5, 2018

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Is Monday Good-bye to Wave D?

For three weeks, we’ve watched the D wave of the contracting triangle in ES and SPX try to top. I go into this in more detail in this weekend’s video. We’re very close to turn and Monday might just be the day. Good riddance to this wave!

With almost every up and down move in the past three weeks in ES, alternate measurements keep targeting the 2750 area. This has been the ultimate target right from the start. This action tells me we have an extremely weak market that is struggling to get to the target.

As a result, once we see the turn down into the E wave of the triangle in ES/SPX, the drop is likely to be sharp. However, the E wave has to be in three waves, so we’ll trace out an ABC wave to below 2600.

While the US indices head down from the top of the D wave, I don’t expect a lot of movement in the USD currency pairs. USDJPY is the exception, as the movement of JPY itself means this pair moves differently from the other USD pairs I cover. There’s more information on this is this weekend’s video.

What I see is everything moving around to get into position for the final wave up — the 5th wave in the US indices that will rally from the bottom of the E leg of the triangle up to a new high. It has quite a distance to go.

While that final 5th wave in the US indices rallies, we should see rallies in EUR, GBP, AUD, and CAD (CAD will move in the opposite direction). Oil will likely also rally in what looks like an ending diagonal pattern playing out. Gold and silver should drop to their targets while the 5th wave plays out.

As I’ve been saying for the past couple of years, everything will top at the same time, but to do so, they all have to finish their final waves within Elliott wave rules.

After they all top, they will all move down together in what’s going to be the show of a lifetime. The drop in the eventual third wave (likely this fall) will be labelled “the crash” and it’s likely to be breathtaking in it severity.

Facebook:  Update on June 1

Above is the 4 hour chart of FB (Facebook).

Uh-oh. We have a potential double top forming after an ending diagonal and five waves up to the top of that ending diagonal.

In terms of trading it, I would be looking for a small wave down to the previous small fourth wave at about 182. I want to see a 5 wave pattern down to that level, and then a 3 wave retrace to around the 62% level, which would be roughly at 190 and change.

I would look for a top of this pattern as the SP500 turns down at the top of the D wave. We’ll see whether the E leg in the SP500 gives us a first wave down in FB. If so, this will be the first FANG casualty of the rapidly deteriorating US market.

I’ll continue to watch this stock as a bellwether for the larger market.

Elliott Wave Basics

Elliott Wave Theory has two primary components:

  • fibonacci wave relationships that give clues as to wave lengths (and probable measured targets)
  • wave counts in impulsive waves and corrective patterns (each corrective pattern has its own rules and guidelines)

Trend waves, or impulsive waves (which we haven’t really had since 2007), consist of a five wave pattern that measures accurately to prescribed wavelengths. We’ll get a set of impulsive waves in the A wave down after the top of the market.

Corrective waves are typically in patterns. You’ll see a list of corrective patterns in the sidebar in the Trader’s Gold area. They’re there so you can become familiar with the rules and guidelines for the pattern we’re in.

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Week at a Glance:

  • ES/SPX – Looking for one more wave up to finish the D leg
  • USDJPY has turned down. Looking for continuation of the drop to 95
  • USD Currency pairs – still working their way to an eventual turn.

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Here’s the latest daily chart of ES (emini futures)

Above is the daily chart of ES (click to enlarge, as with any of my charts).

We’ve now being going sideways at the top of the D leg of the triangle for three solid weeks. This signals to me that the market is exceptionally weak and having a tough time making it to the required target. I’m expecting one more wave up to complete the D leg. We’re either targeting the previous high (2742) or 2750. I think 2750 most likely.

Volume is exceptionally low, which contributes to the volatility and lack of momentum at times.

Once we hit the target, though, we’ll head down in the E leg. I thought the turn had to happen last week, because of the inherent weakness and the length of time going sideways. This market is extraordinary!

After the E wave down is complete, we’ll take off again to the upside in a fifth wave, which will simply finish off the pattern. We’ll get to a new high and probably more, but don’t expect (as I’ve been saying for a very long time) a large fifth wave that travels any great distance. (I think 3000 is possible but at the high end of the probability spectrum)

Summary: We’re not quite finished the D leg of the contracting triangle. Topping out will result in a high probability trade to the downside (the E leg of the triangle) Once E leg (down) is complete, expect a final fifth wave to a new high. That fifth wave up to a new high will be the end of the 500 year bull market.

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Here’s the latest 60 MIN chart of ES (emini futures):

Above is the 60 minute chart of ES (click to enlarge, as with all my charts). 

Three solid weeks of “sideways” in what I can only characterize as a fourth wave trying to get to a new high, most likely now the 2750 area.

Last week, I also called for a move to the upside and we got that, but it’s taking much longer than I could have imagined to actually get to the target. Each time I measure the resulting waves, they seem to give me the same target number: 2750-4 (a small range).

In the SP500, it’s the same thing; the direction is up to the 2750-4 area. We could top at 2742 (the previous high) but since we stopped at the end of the session on Friday at just six points below that level, it makes more sense to expect the weekend to deliver a new high.

Plus the wave up is not complete. We’re tracing out a complex wave up, putting in a fourth wave, with a second fourth wave up quite probable before we trace out the final fifth wave up to the stated target.

The top of the D leg will be a high probability short to the downside in leg E of the triangle. We should reach the high possibly on Monday.

Summary: I expect to continue the march up to the 2750-4 area of the D wave of a contracting triangle. There are alternatives, but based on what I’m seeing, this appears the most probable outcome of the current pattern. The high probability trade will be at the top (after a final fifth wave up), to take advantage of the E wave down.

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Next Federal Reserve Annct: Wednesday, June 13

Andy Pancholi Turn Dates (June, 2018) 

  • SP500: Tu5, M11*, Tu19, W27/Th28*
  • EURUSD:  Tu5, F15, Tu19, W27/Th28*

* denotes major (bolded, as well) – (for more information on Andy’s turn dates, go here.)

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Market Report for Monday, June 4, 2018

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Market Report for June 4, 2018

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Longer Term Charts

Above is the 30 minute chart of the SP500.

Virtually the same as ES. I’ve placed the upper yellow line at the preferred target of 2754. It’s showing a C wave equal in length to the yellow A wave up. The 1.618 extension of the A wave targets a bit higher … the 2760, which is a lower probability option.

The top of the D leg will be a high probability short to the downside in leg E of the triangle. We should reach the high (finally!) early this week.

Above is the daily chart of UUP (US Dollar ETF). UUP is representative of the structure of DXY (the US index) and will provide an excellent predictor of the impending top in currency pairs and the US indices.

I’m expecting a new low for the dollar longer-term.

The pattern here is an ABC corrective wave to the upside, which appears to be more or less complete. I’ve now labelled the wave up as a B wave, since it’s risen above the previous 4th wave. I think an ending diagonal is less likely, and probably off the table altogether. We may instead see a final wave down in 5 waves.

After a new low, the dollar will turn up to a new high above 104.00 (UUP likewise above 27.00). The dollar will turn with the euro.

Rather than playing a currency pair, you can consider playing a short here knowing that the objective is a new low below 23.00. But I would wait for a small wave down in 5 waves and a lower high to follow that retraces 62% in three waves.

The movement of the dollar strongly influences the movement of just about everything else, so it’s important to pay attention to what it’s doing.

Above is the daily chart of EURUSD. 

We appear to have more or less completed a large C wave to the downside, part of an abc corrective pattern.  Last week, I stated that I didn’t have another possible inflection point until 1.15, and sure enough, that’s where we landed before a large bounce to the upside.

Currencies have moved up in the past couple of days, positioning themselves perhaps for a drop down to their previous lows to coincide with the coming drop in wave E in ES/SPX.

The longer term direction is up; we just have to wait for a confirmed bottom. That will lead to a great opportunity to the upside.

In terms of a rally trade, the less risky course of action would be to wait for a wave up in five waves and then a three wave, 62% retrace in a second wave.

Once this final pattern eventually tops (with a new high above 1.256), expect a drop in a higher degree fifth wave to a new low below 1.034.

More on the shorter term in the video, of course.

Above is the 3 day chart of GBPUSD.  The longer term direction is up.

GBP has a similar pattern to EURUSD. We’re very close to a bottom on this large leg down. The pattern is corrective and requires a rise to a new high.

If contemplating a trade, as with the EURUSD, I’d be waiting here for a first wave up and then a second wave in three waves down to the 62% level before a long entry with a target of a new high.

This currency pair warrants caution (as does EURUSD). There are less risky trades setting up in the other currency pairs. However, all the pairs are turning, so as the EURUSD confirms a bottom, GBPUSD should not be far behind.

More information on the short term prognosis in the video.

Above is the 2 day chart of the AUDUSD. 

On a short-term basis, we’re looking for a bottom here. The waves up from .74124 are “three wavers,” so the direction is still down.

I expect to see a turn down on an hourly chart with the top of the D wave in the US indices (this week?).

The long term target is .84450 and involves a turn to the upside. This is a high probability trade. We wait in the weeds. More in the video.

Above is the 2 day chart of USDCAD. It moves opposite in direction to AUDUSD (due to the orientation of the charts).

We have a high probability trade waiting to set up. It’s straining our patience, for sure.

The short term direction here is debatable. Best to watch nightly videos this week, as we will see direction changes as the SP500 tops in its D wave, turns down, and then bottoms eventually at the bottom of the E wave. The shorter term movement is debatable.

The high probability trade is a short once we have a top of this corrective wave up in place. The first objective in that trade is a new low below 1.18.

Once this pair hits the final downside target, it should turn up and will eventually rally to a new all time high for USDCAD well above above 1.46254.

Above is the 6 day chart of USDJPY. For this pair, the longer-term prognosis is for a big drop to the 94.6 area.

We’ve topped here a predicted and are heading down to our target of about $95. I’ve been projecting a 4th or 2nd wave retrace, which we’re in the middle of. My preference is for a turn back down close to the previous 4th wave, at ~109.83. See the video for more on this.

After we hit the long-term downside target (~94.6), I expect a turn up in an impulsive third wave far, far above 130.00.

Above is the daily chart of gold. We are starting to set up for an entry in the not too distant future.

We’ve completed 5 waves down and now we’re looking for 62% retrace for a short entry in the 1334-6 area, with a target of 1122.

I will be watching daily and you’ll find updates in the nightly video.

After a bottom at around 1122, look for a wave up in gold to the 1600 area.

Above is the 4 day chart of WTI oil. No change here.

We rallied to a slight new high last week, and then dropped as predicted, but have dropped further than expected in what looks like the fourth wave of an ending diagonal. We appear to have a little more downside ahead of us before we see a bottom.

That bottom should lead to a turn up in a fifth and final wave, likely to coincide with the turn up into a fifth wave in the US indices (after the large contracting triangle we’re currently in finishes).

That final wave to the upside could now reach the $80 area before a dramatic reversal (ending diagonals always end in a dramatic reversal).

Longer term (after a top in the 77-80 area), I’m expecting a long wave down in 5 waves to a double bottom at about 26.00. The entire structure going back to 2007 is a corrective wave, with the A wave equal to the C wave in length. This suggests a double bottom at the 26 level rather than a drop below it (but we’ll determine a final target once we see the wave structure of the wave down).

Good trading!

{ 93 comments… add one }
  • Mike Caruana June 4, 2018, 3:49 am

    Way this is going it might hit 2750 2-3 hrs before the open

  • Peter Temple June 4, 2018, 6:49 am

    We’re sitting just below 2750 and have 3 waves down, which signals we need to get to a new high. I would expect a turn at around 2750. It’s a good idea to wait for the turn, but as I’ve been saying, the market is so weak that this should be it, give or take a few points.

    USDJPY is in a similar position. I’m expecting a turn here, which should be a longer turn trade.

    Other USD currency pairs should turn down (except CAD, which has now done a second wave finally, and should turn up.

  • Peter Temple June 4, 2018, 7:16 am

    WTI Crude also looks to be very close to a bottom. $65 is a good possibility for a turn up.

  • Peter Temple June 4, 2018, 8:37 am

    The waves down so far are inconclusive. I would like to see ES below 2739.

  • Peter Temple June 4, 2018, 10:21 am

    It looks to me as if ES needs to get to a new high. It also looks like NQ is hell bent on reaching a new all time high to complete a 3rd wave of an ending diagonal. The triangle is now not the right shape. So this may be the game.

    • Mike Caruana June 5, 2018, 9:09 am

      Is it too early to ask for someone to shut the lights on the way out…

      • Peter Temple June 5, 2018, 9:12 am

        Yeah, I’d say so. Three waves down just about everywhere. NQ and the gang not at new highs. Fake-out to the downside, I’d say. Looking more like end of day now.

  • Peter Temple June 4, 2018, 12:36 pm

    The Nasdaq, NDX, and NQ are all in the same position. We seem to be waiting for them all to complete the third wave of an ending diagonal, which means a new high. It doesn’t look like it’s going to happen today (it still could, though). It’s keeping everything else elevated. More in tonight’s video.

  • Peter Temple June 4, 2018, 4:46 pm

    The market update for Tuesday is live at the top of the post.

    Email updates on comments seem to be working again. Because of the GDPR legislation in Europe a lot of plugins changed, some buggy, but we seem to be clear of the bugs now … we hope.

  • Peter Temple June 5, 2018, 6:44 am

    This morning, virtually everything is at, or close to, targets, except NQ, which made it to within 30 points last night and looks to have a fourth wave in place this morning. So we’re looking at another small wave up across the board.

    NQ is the one to watch, imho. 7213 is about the number it has to exceed.

    ES has hardly moved, a signal it’s “done.” It did hit and exceeded the 2750 target slightly. The top end here for me is 2760 … not confident we’ll get there.

    WTI crude is slightly lower. The ending diagonal is still in play. It will need to turn in this area. I would be looking for a double bottom.

  • Peter Temple June 5, 2018, 8:05 am

    Looking like we might just get a top today at some point.

  • Peter Temple June 5, 2018, 8:10 am

    Lots of divergence on the ES hourly chart this morning.

  • Peter Temple June 5, 2018, 8:11 am

    RSI divergence.

  • Peter Temple June 5, 2018, 8:55 am

    Today is also a Pancholi turn date.

  • Peter Temple June 5, 2018, 11:19 am

    A head’s up. If you got long oil, this wave up looks like a 3, so it’s likely coming right back down at some point.

  • Peter Temple June 5, 2018, 3:29 pm

    The Market Update for Wednesday is live at the top of the post. It’s short tonight. Expecting the turn (FINALLY!) tomorrow. High probability opportunities in NQ, SPX, (etc) and USDJPY. Maybe also WTI oil (this one is high probability, too, but the entry is not firm at the moment).

  • Charlie June 5, 2018, 6:10 pm

    I am not getting your comments emailed to me during the day. Not sure how to turn that function on. Previously it was click “Subscribe without Commenting” This is not an option on your new site. Please advise. Thanks

  • Ho Vince June 6, 2018, 5:42 am

    Peter,
    Any comments on the ES waves this morning?

  • Peter Temple June 6, 2018, 6:46 am

    This morning, we have ES above my initial target but below my top end target (2760). However, NQ doesn’t look like it quite made its target — it was short by about 10 points. It’s down in three waves.

    So, I expect a slight new high from both and then we should get the long-awaited turn down. NQ needs to reach a little above approx. 7213 by my calculations.

    WTI crude now looks like it’s done a wave up in 5 waves and it sitting at the moment at the 62% retrace level, so this is set up for a turn up. The 62% level is approx. 64.84.

    USDJPY hit the target of 110.15 and has risen a little bit higher. It’s also down in three waves, so we’ll likely see a double top.

    • Ho Vince June 6, 2018, 6:58 am

      Peter,
      Thank you for your reply

    • Mike Caruana June 6, 2018, 7:02 am

      Cool. I entered WTI, UJ, and CAD/JPY & saw your comment afterwards. Vote of confidence for myself. CJ also hit 62%. Just a small chunk to trade for SPX volatility so I don’t have to mess with closing out UJ too early.

      AUD looks like it needs one more spike to get to a 4 hr trendline. Maybe .7682 would do it, touch a previous wave, and complete a prior Double top all at once before it descends.

      I’ve noticed CAD & Swissy usually lead the pack on dollar turns. USD/CHF bottomed last night & is fighting to get over a 4 hr trendline now.

      • Peter Temple June 6, 2018, 7:05 am

        All the other currency pairs are at the tail ends of corrective waves. I would expect everything to turn sometime after the open.

  • Peter Temple June 6, 2018, 7:41 am

    Both NDX and Nasdaq Comp seem to be at new highs. It’s only NQ that has to get there, I think.

  • Peter Temple June 6, 2018, 8:11 am

    In futures, I don’t like anything I’m seeing. I still think we’re looking for a new high. Odd, but that’s this market.

  • Peter Temple June 6, 2018, 8:35 am

    Be careful with oil. Don’t know now what’s going on there. Perhaps the wave up is not in 5 waves, but it measures correctly and went up to the previous fourth. Caution.

  • Peter Temple June 6, 2018, 9:20 am

    Subwaves are virtually non-existant in ES, so we’re going to have to guess at where to short. Looking for a new high.

    I’m more inclined to watch NQ for a new high, which should signal the end of this rally. Scary market.

    • Mike Caruana June 6, 2018, 9:49 am

      2762.54 is a 162% extension of this mess down. Maybe it gets there while NDX struggles to the top.

      • Peter Temple June 6, 2018, 10:07 am

        It looks like ES did a tiny, tiny ending diagonal, but I can’t be certain. Want to be below 2758 for starters.

  • Peter Temple June 6, 2018, 9:37 am

    I “think” we have a full count in ES and it looks like we’re trying to put in a double top at 2760, so we’ll have to see what happens.

    NQ has retraced 76%. Maybe it’s just going to do a barrier triangle. Some guesswork here.

  • Peter Temple June 6, 2018, 9:38 am

    NQ could have completed a first wave down, up in the air on that.

  • Peter Temple June 6, 2018, 9:40 am

    I got short ES at 2760. I’m short USDJPY.

  • Ho Vince June 6, 2018, 9:42 am

    Peter,
    You got your ES 2760.

  • Mike Caruana June 6, 2018, 10:35 am

    TSLA getting close to 62% 315.71

    • Peter Temple June 6, 2018, 10:44 am

      I don’t know how many live Musk has left, but it can’t be too many …

  • Mike Caruana June 6, 2018, 11:14 am

    Believe it or not, I have a dentist appointment this afternoon. Maybe that will bring this market to its knees.

    • Peter Temple June 6, 2018, 11:16 am

      Good. haha. And I’m reminded that I have to go out and buy some paint.

  • Qwertyqwer26 June 6, 2018, 12:20 pm

    I’m short ES at 2761 and preparing to abandon as it’s not moving…

  • Peter Temple June 6, 2018, 12:42 pm

    NQ is obviously still working on that top I mentioned at the start of the day. It may have to get about 7213 or so.

    I now have a measurement for ES at 2770. I don’t know if that’s where it will turn but it’s an extension off the A wave up. The subwaves are really difficult to read so I don’t have a lot to work with.

    USDJPY has to top at 110.23. We’re close.

  • Peter Temple June 6, 2018, 1:20 pm

    The final wave up in ES seems to measure properly (up from 2758). I get a reading for the final fifth wave of 2771, which supports the earlier measurement.

    My concern, of course, is that NQ STILL isn’t at a new high. It seems unbelievable that we’re not going to top until tomorrow morning, but it wouldn’t surprise me at this point in the day.

  • Peter Temple June 6, 2018, 1:21 pm

    NQ only has about 15 points to go to a new high.

  • Peter Temple June 6, 2018, 2:00 pm

    NQ just got to a new high.

  • Qwertyqwer26 June 6, 2018, 3:16 pm

    Every time I think of shorting ES I now think maybe I should give $1000 to charity instead and help the unfortunate! Cannot remember the last time I waited so patiently to get short and still got burnt lol

    • Peter Temple June 6, 2018, 4:32 pm

      I know. It’s making me crazy. Spent quite a bit of time on this in the chart show.

    • Peter Temple June 6, 2018, 4:34 pm

      I would like to see us get a smallish fourth wave in ES and NQ tonight and a final wave up to finish off this monster tomorrow. Don’t know if that will happen …

  • Peter Temple June 6, 2018, 4:36 pm

    For any of you not receiving emails from comments, please let me know when they stopped (if you remember). So many things have changed with the GDPR (European privacy law) that something’s not talking to something else. I need some clues as to where to look to get this thing fixed faster.

    I also have one more move to go, which will likely be this weekend (a move of the site to a dedicated VPS service).

    • Ho June 6, 2018, 9:41 pm

      Peter,
      I stopped receiving email notifications around the time you started to complain about the host for your site started to give you problems where some of the members of the free blog post complained about their emails being used by other people.

      • Peter Temple June 6, 2018, 10:16 pm

        Vincent,
        Did you try again after I moved my site to the European service? It should have worked then.

        • Peter Temple June 6, 2018, 10:23 pm

          I’ll be moving my site again this weekend. There’s something not right with the server it’s on now. I have to wait until it’s quiet as it takes 24 hours to update.

  • Peter Temple June 6, 2018, 5:30 pm

    The Market Update for June 7 is live at the top of the post (this is today’s Chart Show)

  • Derek June 6, 2018, 9:06 pm

    Hi Peter. For education sake; just wondering, in a triangle (eg SP500), whether the top of the D can go up as far as the top of the B thereby creating a horizontal line or does this really make the look of the triangle wrong and then not a triangle or possible/something else?

  • Frans June 7, 2018, 1:06 am

    Hi Peter, I do not receive any email notifications anymore since the issue with gdpr.

  • Nicky June 7, 2018, 5:21 am

    Looks like the trend is clearly up and the main question I keep asking myself is whether this is an ending diagonal or the beginning of another bullish impulse? I guess it will unfold in time.

  • Mike Caruana June 7, 2018, 5:36 am

    Since you don’t have Fib targets, here are the Gann rotations for SPX from 2 pivot points (180° is usually strongest):

    From 2676.81:
    45° 2702
    90° 2729
    135° 2755
    180° 2781
    225° 2807

    From 2700:
    45° 2726
    90° 2752
    135° 2778
    180° 2804
    225° 2831

    Astrology: The bottom of this leg occurred on a Full Moon. The New Moon (where we would expect a top) is on June 13. I was hoping the New Moon Top was going to be the top of the B on the ABC down, not the top of this leg. But, one can hope in one hand & poop in the other & see which one comes true first….

    • Nicky Seay June 7, 2018, 6:41 am

      I was in the same camp Mike and that colloquial saying is and oldie but a goodie!

    • Peter Temple June 7, 2018, 6:43 am

      But I have wave counts and they’re virtually full for ES and NQ with perhaps either a double top or slight new high. We’re at 2780, so perhaps that will do it. You have two possible turns there. Thanks.

  • Peter Temple June 7, 2018, 6:48 am

    The wave counts up this morning look complete except for a final, very small fourth wave, perhaps. I don’t have major fibonacci measurements to go by, they’ve been exceeded.

    NQ reached 2735 overnight, so all the Nasdaq indices are at acceptable levels for a turn down at the top of the third wave of the ending diagonal.

    The small waves down this morning don’t look like 5’s to my eyes, so in that case, we’re looking for at least a double top. We’re just going to have to look for the turn down. Waiting for a first wave down at this point and then a second wave (a lower high) is a good idea.

    I will be moving the site this weekend (it’s been impossible to do it during the week) and hopefully that will clear up the comment email issues. It should be seemless, but does take 24 hours to turn over. So I will attempt to get the report done Friday night so that I can have the balance of the weekend for the move.

    • Peter Temple June 7, 2018, 6:57 am

      Sorry, that first line should be: The wave counts up this morning look complete except for a final, very small fifth wave, perhaps.

  • Peter Temple June 7, 2018, 7:15 am

    On closer examination, NQ looks like its completed a small ending diagonal (5 min chart), which is an ending wave. The wave now could be in 5 waves, so it may only retrace 62%. If so, that number is 7224.

    USDJPY needs a double top at 110.27. WIT crude still looks like it needs a proper double bottom (the waves up appear to be overlapping.

  • Peter Temple June 7, 2018, 7:36 am

    ES below 2770 has likely topped.

  • Peter Temple June 7, 2018, 7:39 am

    NQ is now NOT 5 waves down. It’s looking corrective, with the newest wave to the downside, which is 1.618 X the original A wave (the one that looked like 5 down with the low at 7207).

  • Peter Temple June 7, 2018, 7:49 am

    If I’m wrong on NQ (re: 5 waves), the 62% retrace level is at 7218.

  • Peter Temple June 7, 2018, 8:24 am

    That’s 5 waves down for ES and SP500. NQ seems to be imploding.

  • Peter Temple June 7, 2018, 8:34 am

    ES is below the previous fourth (2770) so that means we’re likely topped. NQ still dropping hard.

  • Peter Temple June 7, 2018, 8:39 am

    The previous 4th for NQ is about 7140. Below that and there’s no “putting the bullish genie back in the bottle” … for now.

  • Peter Temple June 7, 2018, 8:56 am

    It’s difficult to tell where we are in the wave structure. At some point, we should get a second wave bounce. I can’t tell if this is it. And measurements aren’t helping.

    SP500 bouncing at the previous fourth, so we might be i a second wave now.

  • Peter Temple June 7, 2018, 8:56 am

    ES 2774 is the 62% retracement level.

  • Peter Temple June 7, 2018, 10:37 am

    I would have to contend that USDJPY has likely topped, with this new low.

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