• 12 hours Would You Give Up Your Privacy For A Few Bucks From Facebook?
  • 18 hours The $3.2 Trillion Caspian Caper
  • 1 day The Billion-Dollar Brands Behind the Street Fashion Coup
  • 2 days Gold Miners See Massive Upside Potential As Precious Metals Climb
  • 2 days Colorado Rakes In $1 Billion In Pot Revenue
  • 3 days London Metals Exchange Bars Day Drinking On Trading Floor
  • 3 days Tax Cuts And Cheap Money Push The U.S. Budget Deficit Closer To The Edge
  • 4 days Fake “Made In Vietnam” Certificates On The Rise As China Looks To Skirt Tariffs
  • 4 days Kremlin Moves To Dump The Dollar
  • 4 days How Climate Change Could Lead To A Global Economic Crisis
  • 4 days What Happens When Beijing Is Biggest Owner Of US Debt?
  • 5 days Investors Are Betting Big On Boozeless Bars
  • 5 days Why China Won't Back Down In Trump's Trade War
  • 5 days Los Angeles Ports Are Overflowing With Inventory
  • 5 days Google Just Killed One Of Crypto’s Biggest News Sites
  • 6 days A Perfect Storm Is Brewing For Midwestern Farmers
  • 6 days Big Tech Bounces Back After Regulatory Worries
  • 6 days The Stock Market Bulls Still Have Room To Run
  • 7 days Nothing Will Break China’s Giants: Not Even A Trade War
  • 7 days Why Have Americans Stopped Moving?
How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

Strong U.S. Dollar Weighs On Blue Chip Earnings

Strong U.S. Dollar Weighs On Blue Chip Earnings

Earnings season is well underway,…

Dr. John Trapp

Dr. John Trapp

Trading is an avocation for me - one that I take seriously, and one that I consider the most difficult endeavor I have ever undertaken.…

Contact Author

  1. Home
  2. Markets
  3. Other

MortiES' Weekend Update - Summer Rally or Summer Slump?!

This is the weekend analysis that my premium subscribers received. That is the question! I can make a case for either scenario, but the most recent data that ES has been giving us is Bearish. Not because the market is going down, but because the structure of the market is Bearish. The charts below make the case for neither scenario, but rather presents both as possibilities and indicated important levels to my analysis. As the market unfolds, more information will be welcome and useful in projecting the intermediate-term path of ES. The first chart is the Weekly Big Picture. It's primary use is to give us an overarching view of the market so we don't get lost among the trees. The second chart is more relevant to our trading on Monday. Sometimes I learn more when my projection is not followed by the market. It tells me to reconsider my opinions.

The Weekly chart below shows general paths that are possible for ES. Because I am short-term Bullish for Monday's trading, I favor the short red arrow up for Monday. The next chart shows the possibilities for the short-term.

ES Weekly Globex
Larger Image

The next chart is more relevant to our trading on Monday. Be sure and review recent posts, since many are still relevant. I still have, in the back of my head, the 1150 level as a destination which would make a nice right shoulder on the Daily chart. That would be at approximately the 62% retracement level, and ES has already hit the 50% retracement level and reversed. Right now, it looks on the Daily chart like ES wants to make a right shoulder, but had this shoulder beaten with a 2 X 4. As I mention on the chart, the 1150 level would make for some interesting possibilities ~ Bearish and Bullish. The most notable Bearish indicator is the structure of the rally from the correction low of 1038.50 which looks corrective (overlapping waves). This could be an ABC or an ABCDE. But that doesn't rule out the possibility that it is simply ES forming a base from which to rally.

ES 60 Minute
Larger Image

We don't provide a day trading system. I am a probability trader that has modified a system that gives you an opportunity to learn to fish. The value we provide is in understanding setups and managing risks. However, there are times when I will give you a fish and other traders here will do the same. Also, please remember that this is about probabilities, not certainties.

My goal would be an "Elliott Wave for Dummies" curriculum. I love all the "for Dummies" books because they strive to simplify and clarify. They are profoundly simple. The mark of a good teacher IMO is someone who can get the hay down from the loft so the horses can eat it. Many teachers like to complicate their subject matter so they can appear "smart". I have no use for insecurity in teachers. The old saying that "it's better to teach someone to fish than give them a fish" is never more true than in teaching.

To that end, the best way to see what we do on a daily basis and on an intraday basis is to try our Premium Content. If this site doesn't add back more than the price of admission, then you have no obligation to subscribe after one month, and you will have still learned some Elliott.

If you like what you see here, wait to see how MortiES's analysis can assist you in your everyday investing or trading strategy! Go ahead, check out my track record and Click on "Subscribe to MortiES Premium" and give it a try! I am offering a 30 day free trial period.

 

Back to homepage

Leave a comment

Leave a comment