Happy New Year ! Tonight’s update includes a big picture update using the Monthly down to the hourly charts. I have updated the Elliott count and labeling and discuss in detail the changes and the implications of either on the near term picture. I also update both the upside and downside scenarios for Monday. Friday’s trade saw more downside than upside leaving the ES at a 50/50 probability price point to either move higher or slide lower with more momentum and purpose. The upside scenario would kick in on a solid break above 4790 to 4795 with the downside scenario kicking in on a solid break below 4750 and then 4734. The Asian and European markets are closed on Monday the 3rd – leaving directional decision making until the U.S. opens on Monday morning.
January 3, 2022