The Emini closed down 0.50 points at 1,527.50 on Monday. The 135 minute chart above shows we got a cyclical down turn during the afternoon’s sell-off. So we’re short from 1,529.00.
The Hilbert Sine Wave tool pinpoints these turning points with remarkable accuracy. You can read about how it caught 10 out of 10 during last year’s uptrend here.
A word of caution though, we’re in a uptrend and so cycle down turns are likely to be made more slowly. The chart above shows the last cyclical down turn (series of white dots) took a while to form. Whereas the cyclical up turns (series of red dots) happened much more quickly. In the case of these slower down turns we could also see an exhaustion pattern, where the Emini over-shoots the cyclical turning point. We’ll have to wait and see.
Good luck Emini trading this week.