Dec 4th – ES
There is no difference with my comments from yesterday. I’m just using a smaller time frame to show that the RSI is also diverging here. Additionally, the last leg of the fifth wave can also be counted as a diagonal as shown in my chart. The RSI 5 and 3 are overbought, so I think the end of the rally is close…
4 Comments
Thank you, professor. If this is a diagonal, are you seeing 6000 as wave 4 support for the developing diagonal on the ES? or 5977? I don’t plan on shorting the top, except potentially on a day trade, but I am looking for key support to be broken to indicate some kind of intermediate or long term top.
If I am reading the diagonal right, I would assume a top somewhere potentially near 6122 to 6211, but I need to look at this when I can label the chart carefully.
Will
I have 5977 marked as my key support level for a diagonal wave 4 as of now. Happy to have feedback if that is wildly off.
There would not be necessary to wait for 5977. At this point, a decisive break of 6045 would indicate a temporary or more permanent top in place.
Thank you