Read the story here. Advertise at Before It's News here.
Profile image
By Red Dragon leo (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

ES Morning Update November 4th 2021

% of readers think this story is Fact. Add your two cents.

Yesterdays FOMC didn’t disappoint as although I wanted to see a sharp drop it instead did the same ol’ pattern that most meeting do… close GREEN. It was a nice breakout move from the 4620′s resistance zone, and it sure did feel like a bear squeeze. Shorting this pig is just stupid as you just get killed trying to pick a top, so I’m just focused on going long after this 5-7% pullback ends.

Of course we haven’t even started it yet, which is super frustrating but it’s coming, and until it I see this pullback I’m not interested in chasing this market up. Next resistance is the big even number level around 4700, but the common pattern is to either fall short by 10-20 points or go over it by the same. That applies to all large even number target, but since they likely squeezed out the last bears yesterday I don’t think we’ll get that close and could stop in the 4670-4680 range. Again, picking the top is extremely hard, as we are in a true melt up market like the 1929 one. But we aren’t even close to the final top yet as that could go well over 6,000 before this party busts.

I’d say we are in the second half of 1928 right now, so next year is going to be epic as they say. For today I just don’t know? The FOMC event has passed now so there’s not much to look forward too as far as “big news events”, so the market is free to do whatever it wants. The common pattern after FOMC meetings has been to chop around until the week ends and then the following week go a little higher and then do some pullback (if it was in the technicals, and it is for sure right now).

So if history repeats we’ll be doing some chop today and tomorrow and then the top next Monday or Tuesday. Whether or not we reach 4700 I don’t know but again, I’m not that interested in the shorting opportunity as it’s too hard to time perfectly. I’m interested in the long after the pullback into the end of this month.

This first Large Wave 1 up from the 4260 low on October 1st has now ran just a little over 400 points, and if we pullback for the Large Wave 2 only 50% then that’s back down to around 4461 or so. If it pulls back 61.8% then it’s around the 4413 area.  Lastly, if they want to really scare the bulls then pulling back 78.6% would do it as then we’d see 4346 roughly.

We should see one of those Fibonacci Levels hit by the end of this month. That’s where the biggest opportunity is at because the Large Wave 3 up should be 1.618% of the Large Wave 1 up, which is roughly 650 points, and that’s how you get to 5000+ folks. We could see it all happen in the month of December but it should carry into early January before another pullback for Large Wave 4 down, which should end in February I’d think. Then Large Wave 5 up into April for the final high possibly?

I can just guess after January as first we need to see the waves 2 and 3 happen. That wave 4 could drag out for 2 months into March and then we see the wave 5 up into April and May? We’ll just have to play the current hand we have and that points to a low for the wave 2 pullback into the end of this month. Have a blessed day and be patient if you are looking to get long like I am as we have all month to wait for it.


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%! (See Video).

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.