Yesterday, we gave a buy alert before market open and both of our targets were hit for $27 in profits (2068-2095).

“Enter long in any pullbacks with stop-loss below 2060 and target 1: 2088; target 2: 2095.” – ES-Mini: This Week’s Trading Plan

We believe that the level of danger now has increased and we are liquidating all long positions in ES-Mini and Market Stocks.

Looking at the daily chart, we see that price has more room to go up to the upper-bound of the channel.

ES Daily Chart – April 19, 2016

ES Daily - April 19, 2016

In fact, it is important for prices to hit the upper-bound of the channel and confirm this bullish rally but when we look at the 1h chart, there is a clear 5-waves up for this wave 5.

ES 1H - April 19, 2016

Our experience tells us to go flat because we will either have an extended inner wave (1h chart) or a uncompleted 5th wave (daily chart) according to the channeling method. Odds favor an immediate move to the upper-bound but we as traders should not always scalp for every dollar, especially in this market structure.


Do not forget what we wrote on April 14, 2016: SP 500 Index & ES Futures – What to Expect Now!

 

Register Now to get all the Free LIVE forex Signals in your email

Register Now to get all the Free LIVE forex Signals in your email

Get quality Forex Signals from our pro traders

You have successfully subscribed to your list.