ES: Weekend Update

#weekend #toppying #threewavepullback #trading #tradingsetup

ES-mini futures is about to top in a corrective three wave up rally off the low made on Oct 13, 2022:

That corrective rally is approaching a very important 66.7% retracement = 4,062.50.

Let’s zoom in to 30 min chart:

Here you can see that subwave (c) up is clearly subdivided into five micro waves.

The rule of thumb is a subwave (c) in a corrective (a)-(b)-(c) structure normally has a clean five wave impulsive structure.

During the shortened trading session on Friday ES topped at 4,049.25, inches under the Red Target box.

For ideal completion of that topping count we really need that push over 4,050 because wave -v- should make a higher high over the top of wave -iii- up. But if bull manage to violate 4,002 low that would make that one more push scenario much less probable. Upon completion of that rally I expect ES to turn over and start another three wave or five wave down move targeting new lower lows.

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