ES Morning Update February 13th 2024

Yesterday opened flat, and I thought it would stay that way all day as the market waited on the CPI this morning. But instead we started to rally up and got all the way to 5066.50, which is just shy of the 5080-5090 zone, and could be “close enough”? Meaning I’m not sure if we go any higher on not today? Today is the 13th and is the date I was looking for to mark the top but it yesterday could have been it too.

Here’s my best guess on the very short term wave count. Again, it’s just a guess, so it’s likely wrong. Meaning that we are super close now, and my ET5 might not happen? We could have topped yesterday at ET3, which I’d just relabel to call it ET5.

That is my Alternative Bullish Wave Count, but I really don’t know which one we will do? We could be on the First Bullish Wave Count (a medium bearish one) or the Second Bullish Wave Count, which is my most bearish one. It’s a toss of a coin here to which one is right, but the important thing is that all three of them are bearish ones, which means we will go down some amount in the next few weeks. Whether or not it’s 4%, 7-8%, or 10-12% is what I don’t know, but once it starts I should be able to get a better idea of which path we are on. I will just plan for the least bearish Alternative Count and be happy if we see the most bearish.

Have a blessed day.