Oh So Close

This market is now on its second opportunity to provide us with a gap up over resistance.  The main question is if will take that opportunity.

Our primary counts are all looking up in this market, and the only question is how we get there.  The most aggressive of all perspectives is that we have a wave (1)(2), (i)(ii), i-ii in place, with the heart of a 3rd wave about to begin.  But, we really need to see confirmation with a strong gap higher which would then convince me that we are targeting 2108ES within days.  We would need to see follow through over 2075ES, without the market moving  back below 2064ES should we see follow through to the upside.

However, if the market does turn back down, we can still be in wave ii, or even wave ii in yellow.  But, the main point I want to stress is that probabilities suggest we are setting up for the heart of a 3rd wave higher in the markets, and there is nothing to suggest that one should be looking to the short side until proven otherwise.

60minES
60minES
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Avi Gilburt is founder of ElliottWaveTrader.net.