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Release from pre-holiday stuckery on ES should eventually determine if Europe is basing for a rebound higher or just consolidating at lows before another leg lower. Chop city otherwise, satisfied with +19 Dax points for the early session.
Hi @GFIs1, this is the picture I have in mind if higher is still an option, I am logging it here as I want to record the context that was visible to me and why, then I can see in the weeks and months ahead what can be used or thrown away more often in my longer term work. Dax is still a new animal for me so it is particularly relevant when there are conflicting wave patterns and I want to learn how they might interact with the Kumo charts, etcetera.
Given the state of the world of course I have no idea how up could be reasonable, only that the mystery of long and short cycles is always present. All to be ignored for actual trades of course!
Take the red pill or the blue pill, always the question... ES falling away from 1620 and under 1580 suggests the Kumo red arrow will really rock...., but then the blue 5 wave up has to be explained or shown to be a red herring (only my puzzle), otherwise we ought to be looking for ES above 1636 to confirm blue and open higher gaps and/or doors.
Thanks for your insights!
Everything is possible - I am not making pressure on declining prices.
The facts out of Ichimoku are visible right now.
So we are on that downleg right now and we need to see where
the Bottoms are
Last holiday picture, tidied up, added a simple Kumo, noticed a few other points. Kumo a la @GFIs1 was solid. Dax just bounced off a nested .786 at same time as @AnasParis mentioned CAC excess. Will find out soon enough if the rise from 6/22 was just a fast DZZ or X wave, in which case the acceleration under the lower trendline that I hadn't spotted before may well be a foretaste of what's to come downhill, otherwise it was a fakeout/flush and significant upside still left in the tank.
Too hot for garden or trade today, it's painting interesting places though. Some will be looking for 1-2 and early left-side cycle translation, but we will just have to see what the doctor delivers in case it's twins instead.