ES: The Weekend Update

  • CastAwayTrader
  • February 5, 2023
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$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:

ES-mini Daily chart

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-:

ES-mini, 30 min chart

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:

ES-mini, 30 min chart

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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