When an ED comes to completion, this is what it looks like.
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ES - When an ED comes to completion, this is what it looks like; you almost always know it when you see it.
We have now confirmed a bottom and very likely have begun the ED reversal. When an ED reverses, it almost always retraces the entire price range of that ED back to the origin point. Occasionally, it will stop short at the top of wave 2 of that ED, but most of the time it reverses the entire structure. Furthermore, once the ED reversal is confirmed, there is a very high probability of reaching those targets.
In this case, we have confirmed the reversal based on the strong breakout of the trend channel, so the odds of reaching the 6902-7029 region in less time than the ED took to develop are quite high. Z
We are testing the 100ext right now at the 6799 level but if we can clear that level without too much resisntace then we should be on our way to at least the minimum ED Target Zone.
Again, I am out tomorrow and Thursday. Have a good few days.
