Has Corn Made a Meaningful Turn?

Mother of God. Last night I was reviewing this chart and about to call a top in $CORN as the decline was deep. While price made a low into a very significant level of support, I was and still am leery and thought that  further declines may occur. 

Today, Corn gaps up and was limit up in $ZC_F. While I won't chase this due to the fact that there is to much risk at the current levels, I may be interested in buying a pullback only if I can verify a five wave move to the upside with a protective stop below the previous lows.

Time will tell.

Best of Trading

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ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure. 

Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content")  provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. 

A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blog site.   

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Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.    

$YM_F: Before the Bell Update

Learning corrective patterns can not only save you from allot of destruction of your trading account but it can also make you allot of money when you can trust what you see.

The chart above illustrates a flat correction where the correct signature is for a deep w.(b) followed by a five wave w.(c). Typically w.(c) = 1.382 w.(a) or w(c) = w.(a). I've also used reverse fibs to show the levels of confluence. 

As an exercise, one might want to draw in the retracement fib levels to see where levels of agreement where. If I recall 13446 was a significant level on the 240 min chart level.

Remember, corrective patterns are always fully retraced provided you an opportunity to capture significant gains!

Best of Trading

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ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure. 

Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content")  provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. 

A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blog site.   

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Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.      

Levels I'm Watching in Emini DOW

Investor psychology very important here: A loss of 13265 which began the impulsive bar generated on 9/13/2012 that also coincides with two significant Fibonacci levels are IMO significant for the bulls.

Why?

1. While traders and investors have been clinging to the FED like a nursing baby for the better part of 3 years, there is too much political risk in this market.

2. Corporate earnings are going to be disappointing.

3. Election uncertainty.

4. Fiscal Cliff

Which if not all spooks this market remains to be seen but a loss of these levels may create enough doubt to induce a more meaningful decline.

As always, let's see.


Best of Trading

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ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure. 

Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content")  provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. 

A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blog site.   

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Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.      

Soybeans : A Multi-Year Top?

My last two updates followed the progression of the final subdivisions of w.5 and I believe that Soybeans have reached a multi year. As readers can see my initial target of the previous 4th wave has now been met yet the wave count isn't complete. 

I'll be looking lower to the next price objective... the  1.618 extension which also coincides with the open gap. 

Best of Trading 

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ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure. 

Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content")  provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. 

A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blog site.   

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Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.     

ES : Levels to Watch

I thought that it might be helpful to start publishing my Fibonacci levels and how they become applicable to my my wave interpretations. I'd like to hear some feedback from readers if you find this kind of information helpful. If so, I may start publishing levels on a daily basis.  

Here is a very early look at the ON session along with the Fibonacci levels that I'll be watching. My higher time frame interpretation requires another round of selling to complete the decline that began on 9/14/2012. As such, I have added a preliminary count that I feel best explains price action from yesterdays's low and that scenario. In doing so, I have my trade plan and expectations for what the market should do. Any deviation of wave personality and or a loss of 1431.5 would negate this view and require an adjustment of my count. 

Let's see what transpires and ...

Best of Trading

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ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure. 

Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content")  provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. 

A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blog site.   

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Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.     

ES_F : Bull Scenario

I'm always being objective here at elliottwavelive and as a trader using elliott wave in real-time, you better be nimble. Nimble requires me to always evaluate the "what-if" so here is a possible bullish scenario which if proven correct may lead to another recovery high. 

I make this post and do the homework so that when and if the market decides not to fully comply with my thesis, I know what to expect. 

Bottom line the game and the playing filed isn't fair. You have to think like a pro and frankly anticipate how they plan to steal your money. 

Best of Trading 

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ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure. 

Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content")  provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. 

A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blog site.   

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Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.     

$SPY :Traders : Daily levels I'm watching

Best of Trading

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ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure. 

Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content")  provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. 

A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blog site.   

======================================================================

Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.     

YM Node Breaker : Support / Resistance

One simple chart of the emini Dow showing clear ranges of support and resistance (red dashed lines) along with fib support levels. Notice how that 'they' break nodes .... 13432 lower level of support was tested 3 times, each of which was bought by those who missed out on the FED QE infinity party. As buying ensues, stop placement logically is formed below these levels. 

As the crooks and cronies well know this, they sell the market in a stop running exercise and upon a 4th retest of that level ... the node is broken. 

Best of Trading

======================================================================

ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure. 

Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content")  provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. 

A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blog site.   

======================================================================

Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.     

ES Update

Yesterday afternoon I mentioned the significance of 1443.25 and that some interesting possibilities would open up. As you know, once that level was lost, the sell-off caught some bulls by surprise.  As the decline progressed I tweeted  that the bull camp doesn't care if the weak longs are puking.... I still feel that to be the case as the Bernanke Put has traders way to complacent. The 'locals' and manipulators love these types of opportunities.

As the sell-off continued into the close, several traders where looking at the support level that surrounds1435-36 ish and where looking for a turn. One could argue that they were correct BUT as I stated and as part of my trading plan, I always use indicators to confirm my wave counts. As such, I knew the decline wasn't over and that we needed to consider any upward movement in price as a bounce in a further developing decline. 

For today, my focus remains on the support level at 1428.5- 1428.75. This is very significant as taking out the long bullish bar established on 9/13/12 would in my opinion light up the massive amounts of stops that are logically at or just below that level thus making any desire to push this market lower, testing 1420-21 an easy objective. 

Checking Europe, the DAX is down some 40 pts, so my expectation is that we will see further weakness here in the states. 

Let price and the wave principle guide you.

Best of Trading

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ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure. 

Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content")  provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. 

A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blog site.   

======================================================================

Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.     

  

Bed Bath & Beyond

Volume Scans Identify Potential Winners / Losers

Stock scanners are nothing new to most of us yet many investors don't know how to effectively use them. 

On the the basic tenants of the Elliott Wave Principle, is wave personality.  One criteria that you should become familiar with is "volume signatures" that are associated with both impulsive and corrective structures. 

Using Volume Scans

When applying the wave principle, I like to run volume scans using three sets of criteria:

1) Daily Volume Greater than 50% - I use this scan to identify stocks that may exhibit bullish/bearish 1st waves. 

2) Daily Volume Greater than 200% -  I use this scan to identify stocks that may exhibit bullish/bearish 3rd waves. 

3) Weekly Volume Greater than 50% - I use this scan to monitor institutional support or lack thereof for stocks. 

Volume Scan - 9/18/2012

Bed Bath & Beyond Inc. (NASDAQ: BBBY) is a chain of domestic merchandise retail stores. The stock showed up in a scan for stocks showing daily volume greater than 200%.

Accordingly, I'm looking for 3rd wave price action.  

On August 19, 2012, Bed Bath and Beyond Inc. reported earnings of 98 cents per share for the period ended Aug. 25. That fell short of the $1.03 per share that analysts surveyed by FactSet expected.

Shares of Bed Bath and Beyond dropped sharply in premarket trading on Thursday, August 20, 2012 as the housewares company's second-quarter earnings disappointed and it provided a weak third-quarter forecast.

As you can see from the chart that the handwriting was already on the wall as the corrective phase from 6/26/2012 to 9/17/2012 appears to be complete. The high volume signature on 9/18/2012 had this stock on my watch list as a candidate that should exhibit further downside pressure. 

At the weekly chart level, the decline from 6/29/2012 began after what appears to be an ending diagonal which typically warns of a very swift reversal. That's exactly what transpired. 

As of the time of this post, price action appears to exhibit the personality of a third wave which is being confirmed by the acceleration of price to the downside. If my assessment and use of volume signatures is correct, price should fall well below $58.77. 

Reading the Chart

Should the wave pattern prove to be only a corrective three waves, then  I'm looking for a move to $54.54 with much greater potential to the downside should a five wave decline play out.

In conclusion, I hope that readers can see how I use volume scans to identify possible trades. before the larger move occurs. 

Best of Trading  

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ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure. 

Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content")  provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. 

A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blog site.   

======================================================================

Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.     

ES Update: After the Bell

Earlier today I provided an intraday update for the emini S&P where I was looking for a further decline in the market as show in the chart shown below.

To learn more about my initial thoughts, click here . 

Moving forward, the market put in a new high .25 above my w.(b) crest then proceeded to close weak for the session. I've adjusted the w.(b) label accordingly.

The above chart is a daily session charts that has been updated. 

A Hypothetical Trade

For tomorrow, my elliott trade plan is simple. 

(1) A loss of critical support bolsters my preferred wave count and negates any thought of an alternate triangular pattern developing. Downside targets may be achieved before any re-test of the 1468 high.

(2) If I was short this market from above 1459, my initial stop would have been placed above 1468. Based upon the close, I would move my stop to (1) tick above the w.(b) crest. Any advance above the w.(b) crest at this juncture would most likely produce an assault of 1468 and heighten the probability of a further advance to new highs in this market. 

Note: neither of the charts presented take into account the globex session therefore you should cross reference cited levels with those charts.

There is allot of news flow tomorrow so I'll be monitoring this one closely.  

Best of Trading

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ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure. 

Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content")  provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. 

A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blog site.   

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CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY, COMMISSION AND SLIPPAGE. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL, OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE DISCUSSED WITHIN THIS SITE, SUPPORT AND TEXTS. OUR POST(S), SHOULD BE USED AS LEARNING AIDS ONLY AND SHOULD NOT BE USED TO INVEST REAL MONEY. IF YOU DECIDE TO INVEST REAL MONEY, ALL TRADING DECISIONS SHOULD BE YOUR OWN. 
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Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.     

ES: Intraday

From 1468, I tweeted that price action looked corrective. Here's what I am referring to as well as the levels I'm watching. Breaks above 1468 before achieving downside targets negate.

Let's see what happens going into the close.

Best of Trading

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ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure. 

Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content")  provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. 

A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blog site.   

======================================================================
Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.