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Trade the Trend Until It's Over

Daily chart for the ES June Contract is starting to make sense. 

It may be too early but can never be too late to start speculating what the future could bring.

Since the SnP500 has a cluster of resistances at the 1150 and 1230 area.  It is natural TA assumption that 1230 should be the next target once 1150 resistance has been surmounted.  It is the path of least resistance.

For this purpose;  this is the wavecount designed toward that objective:


I bought back my YM longs last night at 10767 using the intraday 24-hr chart.   I think Indu is still lagging against SnP500 (and Nasdaq) and should start ramping up it's pace (therefore bigger profit with faster run at this late stage) while Nasdaq which was the frontrunner from Feb 5 should start tappering down it's pace for the final stretch.

But be very careful up here.  The alternative wavecount is that the 1-2-3-4-5 has or practically has already completed at this stage and the next downturn is about to happen.   But then, it is not worth fighting the trend at this stage when the stars are starting to align (so they say).   Wait until they are fully aligned (pun intended).

This is the alternative (bearish) wavecount I made last week:


For the bear scenario to be able to unfold;  SnP500 must be able to break below 1122 within the next 4 weeks.