E-Mini Sp500 Intraday Review

ESM16-May-2-2016

The E-Mini has made a bottom, but the rally is not a pure impulse. This could mean a diagonal advance or we are stuck in a smaller triangle and we are heading up the “D” wave.  Any “D” wave could go higher than my “B” wave before it crashes again. This still gives us far too many options in how high stocks can still go.  As long as the markets produce questionable declines, then there is always a chance that they can come back with a vengeance.

This has been going on since the 2009 bottom with late April of 2010 being an extremely bullish time. All the talking heads were yapping how stocks are the place to be, yet the contrarians were getting very bearish, including Steven John Kaplan and EWI.  I was also suspicious that a crash was coming in 2010 and we were not disappointed as it turned into the Flash Crash of 2010.

Now we have to wait and see how high this can go as the worst is always a diagonal move being so hard to see the difference between an inverted corrective move. They both can be very much alike for long periods of time. 

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