Jun 22nd – ES

Yesterday we decided to favor longs using P&F. The strategy was correct again and we had a very profitable trade. Today, I am not sure about the ES intentions… I am still using the 15 min chart to show you the labels we had, what we have been expecting and what actually occurred. While we were absolutely correct in our interpretation, it does not mean the labels were/are correct. The decline from wave ((c)) appears to be impulsive arguing in favor of the count shown in my chart. we would expect a moderate new low and the a recovery – not a very encouraging environment to commit to this market.

However, if after that recovery we see a new low, then we’ll be able to commit to the short side again. Otherwise, let’s not forget we have more bullish options available.

Houssine

Prof. Aldo Lagrutta is an awarded Certified Financial Technician from the International Federation of Technical Analysts and holds several financial market designations, including the coveted Certified Elliott Wave Analyst.

He is a also a member of the Society of Technical Analysis, holds the CFT’e and is a recipient of the Bronwen Wood Prize bestowed by the Society of Technical Analysis in London.

Prof. Aldo Lagrutta grew up as a music child prodigy and became the youngest Professor to teach in several universities and conservatories around the world. He performed for 2 decades as a concert guitarist in Europe, Africa, North and South America.