I’m still waiting patiently for a move up to 4600-4620, which is just under the 4634 on the ES… then we should pullback a 100+ points. I thought we might see it happen on Friday but it was a nothing day. That leaves today and/or tomorrow for that move to happen. It will be labeled as Super Extra Tiny Wave 5 up to finish Extra Tiny Wave 5, inside Tiny Wave 1 up. Once finished we should see a sharp pullback for Tiny Wave 2 down, which might unfold in an ABC pattern, or just a straight one wave move. Here’s the short term wave count…
As you can see we are still missing Super Extra Tiny Wave 5, and it should complete today or tomorrow. I’m writing this post over the weekend so I don’t know if Extra Tiny Wave 4 down is finished or not. We could pullback some first on Monday to finish it, or it might already be finished at the 4540 low on 11/21… but either way a final move up is near before a good pullback.
From that pullback low, probably late this week, it will be the best time to load the boat long for a super powerful Tiny Wave 3 up into the end of the year where 5000+ could be hit. If the Fed decides to officially “pause” on the rate hikes, with the coming FOMC meeting on 12/11, the market will squeeze HUGE afterwards! Bears are going to get roasted if they say short into the meeting and this happens.
It’s already in the technicals, and the wave count, all that is left is the “spark” from the Fed (or something else?) to get it going. Will it happen? I don’t know? But I’m sticking with what I see from both a technical point of view and some Elliottwave. They are both super bullish, and lets not forget that the Seasonality is super bullish too… that’s 3 reasons for me to stay focused here as this move could be a “make or break” one.
Have a blessed day.
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