ES: The Tricky Path Higher

  • CastAwayTrader
  • January 26, 2023
Supercharge Your Trading
Learn More
Get an edge
over millions of other traders
Use our proprietary TradingView indicators
Learn More
Get Our Indicators for Free
subscribe for a trial of the Limited Plus Account
Start Trial
Previous
Next

< Back to All Updates

$ES #micro #macro #trading plan #trading setup #es-mini

This is how the big picture looks like:

ES-mini Daily

Bulls are trying to break out over the declining red trend line.

Everybody expects a strong rally triggered by successful breakout over that line. But that path higher could be much trickier.

I count the whole move up off the mid October 2022 low as a corrective three way pullback labelled (w) up, (x) down , (y) up.

Each of those waves is subdivided into three smaller waves.

The last important low was made by wave (x) down in late Dec 2022. I expect another three wave -w-x-y- up move.

ES-mini 30 min chart

We have already completed two waves out of three waves that comprise the red wave (y) up. The first leg was a rally that topped in mid January 2023. The second quick leg down was a subwave -x- down that bottomed at 3,963.25 on Jan 25, 2023. Off that low we should get another w-x-y up structure that would be composed of four legs up.

Currently we are in the leg up number 2 out of four legs.

ES is approaching into the yellow box. This is where wave w of -y- can top. Then we could get a deep a-b-c down structure that will push price back down to 4,000. we can get that wave x down either before FOMC or after FOMC next week

Then we will get another push higher to 4,180, to re-test the Dec’22 high in subwave a of y of -y-.

Subscribe to Free Updates

Get Unlimited Access

PrevPreviousES: Bulls Finally Look Ready for the Breakout
NextNQ: Bears Have A Setup for a Move DownNext

More To Explore

ES: Roadmap for Bears for Today and Tomorrow

$ES #es-mini trading #trading setup Morning Update This is potential path for today and tomorrow: Yesterday ES could finally top in a corrective -a-b-c-up structure. Above This you can see a potential path for today

CastAwayTrader March 23, 2023

ES: Bears Have a Setup to Violate Dec’22 Low

$ES #ES-mini futures #trading setup The macro count remains unchanged. Yesterday and today bulls pushed ES deep into the Red Box. Today we got a strong rejection. Bears pushed ES down out of the red

CastAwayTrader March 22, 2023

Important Disclaimer

CastAway Trader LLC, the publisher of this web-site and videos is not registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. Users of the website www.castawaytrader.com and viewers of the videos are advised that all information presented on the website is solely for informational purposes, is not intended to be used as a personalized investment recommendation, and is not attuned to any specific portfolio or to any user’s particular investment needs or objectives.

Trading stocks, options, or futures carries a high level of risk, and may not be suitable for all investors. Before deciding to trade, you should carefully consider your objectives, financial situation, needs and level of experience. CastAway Trader LLC provides general overview of trading methods that does not take into account your objectives, financial situation or needs. The content of this website must not be construed as personal advice. All trading setups and/or trades presented in the web site and/or trading chat room by CastAway Trader an/or by other members of the chat should be considered hypothetical for educational purposes only and should not be expected to be replicated in a live trading account.

An investor could potentially lose all or more than the initial investment. You should not speculate with capital that you cannot afford to lose. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style.

You should be aware of all the risks associated with trading. You should seek advice from an independent financial advisor.

Any information posted on this web site is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of the website must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. All opinions, analyses and information posted on the website are based on sources believed to be reliable and written in good faith, but should be independently verified, and no representation or warranty of any kind, express or implied, is made, including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, CastAwayTrader LLC and its officers and employees undertake no responsibility to notify such opinions, analyses or information or to keep such opinions, analyses or information current. Also be aware that the owners, officers and employees of the web site www.castawaytrader.com may have long or short positions in securities that may be discussed on the website, Premium Trading Chat room and/or in the videos posted by CastAway Trader LLC.

Past results are not indicative of future profits.

Subscribe to Free Updates

Get Unlimited Access