Thursday’s trade was thin but strong as the ES sailed above 3875 and 3900. With regards to the two counts, I’ve been running parallel to each other – the Minor wave 2 appears to be the count in force.
I have updated the labeling and include the Fibonacci extensions for the balance of wave “C” of Minor 2. Tomorrow is a weekly expiration with AAPL holding my attention along with GOOGL.
Resistance for the balance of wave C of Minor 2 comes in at 3915, 3932, 3959, 3984, and then 4050. Should the ES decide to turn and drop – it would need to do it without any regrets or interest in anything other than finding the bids. If the ES fails to break above 3950 it would produce a “C” wave failure and the likely result would be “news” driven and force a lot of expiration adjusting – swings that move quickly in both direction – but with the failure it would produce more areas of stronger acceleration. Support should it occur tomorrow should be first found in the area of the (all SMA and EMA readings are from the 4-hour chart), the 20 EMA is at 3882, the 50 EMA is at 3860, the 200 EMA and SMA which is 3835 to 3830, once broken support drops 3815 to 3800 and then 3742. Additional support is below at 3693 and then 3640.