ES Morning Update February 15th 2024

After I wrote yesterdays update I posted on Twitter and in the chatroom that I didn’t like the looks of the rally back up and that I was worried that it could kill the bearish case. Meaning that we needed to roll back over yesterday and start the next leg down. That failed to happen as the market chopped all day and rallied up into the close to hit the 5015-5020 zone, which is the “line in the sand” for the bulls versus bears.

Above it and the lows are in with just that one big down day on the 13th, so my turn date put in a low instead of a high like I wanted and thought would happen. The pullback has turned out to be my Alternative Bullish Wave Count that projected the smallest move down it seems.

If you go back and read that Monday update I was looking for about 4875-4900 for the low and we hit 4936 as the low. That wasn’t even 23.6%, but it is what it is I guess, but it was the wave count I leaned to the most. I just thought it would last more then a day or so, but they did everything in just 2 days and completed the pullback. So unless the bears and take the market back below the 5015-5020 zone odds are very strong that the low is in now and we are off to new all time highs and beyond again. I’ll now be looking for March 22nd as the next possible “turn” in the market, which should be a top I think. We shall see.

Have a blessed day.