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ES futures probably move down
But here's an alternate hypothesis if it breaks up out
The break down thru daily structure on Thursday in ES futures did not provide enough reversal long energy to make new highs… as the 80 day cycle turns WELL DOWN at 53 days or so.
AAPL 0.00%↑ earnings were a great catalyst for a day trade but thats it. We are going down due to the 54 month cycle rolling over into late stages.
Alternate hypothesis: If there is another green day on the futures and the market makes a move to 4200, it can actually go all the way to 4250 in that event, so go with the flow.
But, that wouldnt be the time to swing trade, long, yet, It would just be a momentum trade on surprised stop outs to the upside.
Shorts passed in other posts, so I hope you seen those late last week and early week.
From a cyclitecnical perspective
A move above 4200 at this time would validate my alternate hypothesis that the March ES futures lows were an 80 week cycle bullflag brought by fundamental interaction. Please see my previous post.
Edit 848 CST Wednesday 10 May
This morning the YM futures are down 150 points but from its high of the day more than 400.
It took 5 days for the market to respond from the 5 May original post. The 80 day cycle is moving down.