ES: The Weekend Update

$ES #Weekend #Macro #trading setup #Double Three

I count the move up off the Oct’22 low as a large corrective wave B up that has been following a corrective Doube Three structure labelled (w) up, (x) down, (y) up:

That structure is often called the “3-3-3” because every wave is subdivided into three subwaves:

the wave (w) up was subdivided into a-b-c, and
the wave (x) down was subdivided into a-b-c, and
the third and the final wave (y) up is shaped as either 3-3-3 or 3-3-5 structure.

The minimum target for the wave (y) up is 76.4% extension of the wave (w) up = 4,254.

I can envision two possible micro counts.

(i) the Micro Bullish 3-3-3 structure: the wave (y) up is structured as -w-x-y-:

Under that scenario shown above bears can push ES a bit lower before they start another push higher targeting the Red Target Zone.

(ii) the Micro Bullish 3-3-5 structure: the final wave (y) up is structured as an a-b-c up:

The only difference between those two alternative micro counts is in wether bulls start the final push higher right away or allow bears to push ES lower down to 4,100- 4,080.

Under both scenarios bulls remain in control and can push ES higher to complete the (w)-(x)-(y) up structure of a large corrective wave B up that has to be followed by a new strong leg down in a wave C down.

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