Trend Line (Emini daily)
The Emini closed up 3.50 points at 1,492.75 on Tuesday. Large volume buying came in during the first hour and a half of trading and the Emini bounced off the rising trend line at 1,482. Check out the daily Emini chart above – remember all the trend lines are drawn automatically and not added after the fact.
Going forward the 1,482 level will be critical. If we continue to trade above this level we are likely to see a Hilbert Sine Wave "Complete" pattern (similar to an Elliott Wave 5). This pattern is repeated again and again in every market and in every time frame.
First we get a Trend Break (either up or down). This is followed by a Pull Back in trend which then finally resolves with a "Complete" move. The end of February sequence is annotated on the chart below as well as the current Trend Break Up and today's Pull Back.
Hilbert Sine Wave (Emini 135 min)
Good luck trading this week and watch the 1,482 level closely.