ES - I want to short every new push higher
Looking at 240 min chart (below) we can see that the move up this morning did not tag the Red Target box.
For example, 109.2% ext of wave -A- up = 2,934.
61.8% retracement of the drop off the Feb 2020 top to mid March bottom = 2,923.
On a bigger timeframe ES still looks like it could make another push higher despite a nice looking micro picture that argues that the major top has been struck.
ES - 240 min chart updated at 8-40 PM on 4-28-2020
On a lower timeframe (please see the 30 min chart below) I can count a complete structure of the final -a-b-c- up of wave -v- up. If we assume the top of wave ( B ) was made on Tuesday morning then we watch a corrective micro a-b-c- up pullback that should make a lower high.
ES - 30 min chart updated at 8-55 PM on 4-28-2020
In the previous update posted right after market closed I noted that:
“That count suggests another push higher in subwave c of wave -b- up.
Overnight move up into the Supply Zone ( 2,892 – 2,898 ) making a higher low may turn into an attractive Short Setup for a drop in wave -c- down.”
This move up may stop at the supply zone located at 2,892.50 – 2,898 (see on the zoomed-in chart below).
ES - 30 min chart updated at 8-35 PM on 4-28-2020
Previous Updates:
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