Market Going Nowhere Slowly
By
Once again, the market traded below the previous high and over support, leaving us in limbo once again. With that, I still have very little to add to the previous analysis and parameters, so once again, I will reiterate what I noted in yesterday's update.
There is really very little change to the parameters I laid out yesterday, so I am simply going to reiterate what I noted then.
As shown on the ES chart, I have support sitting in the 7548-7485 zone. If we hold that zone and push back over the 7633 level, we are more likely following the yellow count, at which point the initial overhead target would come in at the 7800-7920 zone. From there, we would need to continue to hold support as we ultimately push higher into the latter part of the summer.
If we break under the 7485 level and then continue to break back under the 7459 level, we are likely following the white count for the larger wave (c) down. Until we see a break of that zone, however, we still do not have any confirmation that a top has been struck, and the bullish yellow count will remain in play.
