ES Journal - 2016

The hourly close has shown its hand, we seem to be pretty maxed out?

 

Not quite there yet, when a female cries it's time to stop. This is still a run up to a culmination.

 

Don't know about culmination, but I do know when larger time frame is showing mixed closes, its time to start looking down. 24/25 maybe?

 

Thing to watch is the 4hr, appears to be in B-Band expulsion, looking like more legs up. + daily above 200ma equates to more Bullish bias.

 

Almost all mental and objective trip wires hit..,

- 50 day MA
- 200 day MA
- necklines
- trend lines

With these triggers hit it takes most everyone out of intermediate term short positions. Essentially almost everyone's stop on shorts been hit. The only true trigger left is the previous intermediate term high on the index.



Statistically intermediate term oscillations are 60 points.

 

We'll need to see how today ends up to provide clues as to whether or not trend has reversed downward

 

Too early in the day to tell anything longer term

 

low of the day not in yet

 

For the moment though we should drift a bit lower still this morning

 

I still feel that this 2020 area is likely the top for this move as I have been saying for quite a while now