Nov. 2nd – ES

  • Posted by Houssine
  • Date November 2, 2023

The correction we were expecting was very shallow and prices continue following our forecast. If we are correct, we should see a lot higher still – probably all the way to the 2-4 trend line. However, the longer time projection sees prices moving all the way to 4430. Having said that I don’t see a setup for a long term swing. The MACD didn’t form a Hook. The 30 SMA is still far away and pointing down. The TOP Indy is neutral in a 2 Day chart. The RSI is not offering any clues… The only way I see at this point to enter a swing would be using  a P&F chart. However, you can see how the next buy signal is far away and it would be after too long of an X column.  With all that picture, the only way to go would be to continue scalping… if that’s something you enjoy doing.

Note: There are other ways we could enter a swing trade, but we need a deeper correction before we contemplate the idea.

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.