#ES $ES #trading futures #Elliott Wave In my previous update I reaffirmed my bearish expectations. ES turned down and dropped right after the report was posted: The sharp drop stopped at the key support on Thursday. Note the broken resistance 5,596.50. After getting broken it turned into a strong support. We can count that drop … Read more
ES #ES-mini #tradig setup #Elliottt Wave ES-mini keeps climbing extending in the micro wave -iii- up: I continue to expect a larger -a-b-c- down consolidation in a wave -iv- down to be followed by another rally in a wave -v- up of (a) of (v). You can see signs of deceleration with your naked eye. … Read more
$ES #ES $NQ #NQ #trading futures I have identical micro counts for ES-mini and NQ-mini. For NQ-futures that could be the top of a micro wave -iii- up to be followed by a corrective pullback in the wave -iv- down to the Green Demand zone: We can count waves in ES-mini in the identical way: … Read more
$ES #ES-mini #Elliott Wave #trading setup My bullish path (posted on Friday open) argues for bulls to keep pushing ES-mini higher to tag the mid July high made by the wav e(iii) up: A rally in a subwave (a) of wav e(v) up normally has a an impulsive five wave up structure with a shallow … Read more
$ES #ES-mini #trading setup #Elliott Wave The rally stopped at the critical juncture, a 76.4% retracement of the July decline: The 76.4% retracement is the last line of defense for bears, the point of no-return for bears. If bulls manage to push ES over that level (5,582.75) that would confirm we are in the subwave … Read more
$ES #ES-mini #trading setup #Elliott Wave ES-mini keeps going up and accelerating the speed of ascent. Yesterday I noted : “ES keeps climbing overnight without any pullbacks. That behavior fits the uber bullish scenario where ES-mini is in the middle of the strongest part of the rally in a subwave -c- of wave -iii- up”. … Read more
$ES #ES-mini #Elliott Wave let’s have a look at a daily chart to see a bigger picture: So far we got a rally that retraced 58.6% ( that fib is a derivative from two other common fibs 100%-41.4%=58.6% ). Bulls have a setup for pushing ES higher in a wave (v) up towards the Red … Read more
$ES $NQ #trading futures #Elliott Wave This morning both ES-mini and NQ-mini have hit the Red Target box: Even under the bullish wave count that considers that move as a subwave -a- of wave -iii- up bears have a setup for an a-b-c down consolidation targeting the Green Box. NQ-mini has a less bullish wave … Read more
$ES #ES #trading setup #Elliott Wave This is how the primary bullish wave count looks like: The Primary bullish wave count considers the rally off the last major low made in oct 2022 as an unfolding incomplete five wave up impulsive structure. That wave count considers the July 24 high as the top of the … Read more
$NQ #NQ-mini #Elliott Wave #trading setup So far we got a clean corrective looking three wave up bounce off the panic Monday low: On that chart you can compare magnitude of that bounce to the magnitude of the preceding decline. Bulls so far managed to retrace only 50% of the very last leg down labelled … Read more
$ES $NQ #Elliott Wave #trading setup Yesterday I shared a bullish i up, ii down setup in ES-mini: That bullish setup produced a nice 150 point rally today. This is how that chart looks like now: The rally stopped at the micro resistance 5,358. Please note that there are double top patterns but there are … Read more
$ES #ES-mini #trading setup Yesterday algos run stops of bears by playing a failed breakout by overshooting resistance 5,344.50. The failed breakout was followed by a strong drop to the main support. This morning during the pre-market session algos triggered protective stops of bulls by undershooting the support 5,192. But then bulls reclaimed the broken … Read more
$ES #ES-mini #trading setup #Elliot Wave The primary wave count considers the July drop as a large wave (iv) down to be followed by another rally to a wave (v) up: We have already got an (a)-(b)-(c) down corrective move that has tagged the textbook 41.4% retracement, the normal target for the wave (iv) down. … Read more
#NQ $NQ #trading setup #Elliott Wave I think we got an a-b-c move down that was either all of wave (iv) down or its subwave (a) down: Then the move up off the Monday low is a subwave a up. Then a flat consolidation inside the lower red box could be ALL of a micro … Read more
$ES #ES-mini #trading setup Here we can see how the “risk level”, a 76.4% ext of the first leg up, works as an important test of bulls’ abilities and rigor: 76.4% extension of the first leg up labelled -a- is where a weak second leg up tops. Please note, that in majority of cases, that … Read more
$ES #ES-mini #trading setup Yesterday evening I shared that bullish path: ES-mini 5 min chart This is how that chart looked like at the Tuesday morning: The path allowed bears to test the 5,239 support overnight. Bears slightly undershot that support but then reclaimed it. In the morning bears tested that again and failed to … Read more
$ES #ES-mini #Trading setup #Elliott Wave This morning ES kissed the textbook target for a wave (iv) down, a 41.4% retracement of the wave (iii) up. That fib is located at 5,136. If we zoom-in to a 5 min chart we can see a textbook bullish Inverse Head and Shoulders pattern that kicked in around … Read more
$NQ #NQ-mini #trading setup #Elliott Wave NQ dropped down to the Green Demand zone and is attempting to play a bounce: However, the structure of the decline down not look completed. 18,527 is the critical level of resistance. Bears need to keep NQ under that level to keep alive the bearish scenario for another move … Read more
$ES #ES-mini #trading setup #Elliott Wave Overnight ES dropped deeper into the macro Green Box on the Daily chart: It has tested pre-market the typical target for the wave (iv) down which is 41.4% retracement of the wave (iii) up = 5,140. Another normal target for the wave (iv) down is the low made by … Read more
$NQ #NQ-mini #trading setup #Elliott Wave There are three strong support levels: 17,990 is a strong micro support in NQ-futures: Ideally bulls should stop that decline in a subwave a of wave (y) of (iv) down at17,990 level. Then we should get a bounce in a subwave -b- up to 18,700. Upon completion of a … Read more
$ES #ES-mini #trading setup #Elliott Wave Break under the 5,400 Demand Zone made me consider this very Bearish scenario. That scenario counts the bounce last week as a subwave c of wave (x) up. The sharp drop on Friday then should be counted as a micro wave a of wave (y) down. Bulls can attempt … Read more
$NQ $NQ #trading futures #trading setup #Elliott Wave On July 26th I shared with you the projected path for NQ-mini: NQ has been following that path since then. This is how that daily chart looks like now: Note the fat green demand zone: 17,670 – 17,460. Let’s check the micro structure of this move down … Read more
$ES #ES-mini #trading setup As we expected in the evening update, ES-mini continued to leak lower. This morning it finally arrived at the Green Demand zone 2: Let me show from where that Demand Zoe came from. In March – May 2024 the red supply zone 5,370 – 5,400 rejected several bulls’ attacks: Ideally bulls … Read more
$ES #ES-mini #trading setup #Elliott Wave #trading setup This morning I noted that ES-mini hit the Red Target box and emphasized that I expect a large decline. Note that ES slightly overshot the strong resistance 5,586 and then dropped back down that resistance and fell hard. This decline can extend down to the next support … Read more
$ES #ES-mini #trading futures #Elliott Wave Two days ago I posted a path that promised a strong rally: We got that rally and it has approached the Red Target box: There are two levels of resistance that are capable of stopping this rally. ES has hit the first one, 5,586. The next one is a … Read more
$NQ #NQ #trading setup #Elliott Wave In my previous update on NQ-mini posted on Tuesday I correctly predicted a bullish reversal and a move up. So we got a very strong move up off the Green Target box: Normally we expect a completed a-b-c move down to be followed by an a-b-c move up. However, … Read more
$ES #ES-mini #trading futures Yesterday I expected a corrective rally. But bears first re-tested the lows and made the double bottom: I count that rally as a subwave c of wave (b) up. There is a strong resistance formed by a cluster of fibs at 5,570 – 5,575 (the lower edge of the Red Box). … Read more
$NQ #NQ-mini #trading futures #Elliott Wave We got a clean complete looking (a)-(b)-(c) move down where wave (c) = 138.2% of wave (a) down: Let’s zoom-out to a daily: We got a three wave drop down to the Green Box. Here bulls get a setup to turn NQ up. Either we get a new rally … Read more
$ES #ES-mni #trading futures #Elliott Wave I expect ES-mini to play out a large (a)-(b_-(c) down pullback off the mid July 2024 top in a wave (iv) down. Interestingly, the blue move up into the Red Box would complete a large bearish reversal Head and Shoulders scenario. Most likely it is currently working in the … Read more
$RTY #Russell #Elliott Wave Off the Nov 2021 top RTY dropped in a five wave down impulsive move and bottomed in Oct 2023: Since Oct 2023 RTY has been in a corrective A-B-C up mode. There are two main retracement levels we normally apply to a completed five wave down structure and then closely watch … Read more
$ES #ES-mini #trading setup #ElliottWave In July we got a large -a-b-c- move down where -c- bottomed at a 100% ext of -a- down: On a micro level we correctly identified the Green Demand zone. It worked out well and produced a large a-b-c up pullback: Read my explanation about the way how I identified … Read more
$NQ #NQ-mini #trading futures #Elliott Wave On Wednesday I noted that NQ would drop 500 pts until it tags the Green box: NQ-mini Daily chart This is how that Daily chart of NQ-mini futures looks like now: Not only NQ tagged the Green Traget box but it also tested support of the blue trend line. … Read more
$ES #ES-mini #Elliott Wave #trading setup This morning I shared a path that allowed bulls to test the broken support 5,500 from below: Let’s update that chart: Bears managed to tag the May 2024 green Demand Zone and then strongly pushed it up to 5,500. There is a reliable deceiving triple bottom pattern that is … Read more
$ES #ES-mini #trading setup #Elliott Wave Looking at the bigger picture on the 120 min chart its difficult to argue that the second leg down in the wave -c- looks having bottomed: I think that we only got a potential bottom of a micro wave iii down: If a micro wave iii down bottomed at … Read more
$NQ #NQ-mini #trading setup #Elliott wave NQ has been moving down as we correctly predicted in the morning update. The next big support can be identified at 8,924, the upper edge of the next Green box: Let’s zoom-into a micro 15 min chart: The next important fib is located at 76.4% ext of the subwave … Read more
$ES #ES #trading setup #Elliott Wave Note how break under 5,690, the stop for bulls triggered acceleration of the decline: I think ES completed a micro wave -iii- down on Wednesday. I also I think ES has started a corrective -a-b-c- up structure of a micro wave -iv- up that should be followed by another … Read more
$NQ #NQ-mini #Elliott Wave #trading setup This drop invalidated the Very Bullish scenario. Now the Bullish scenario becomes the primary one: The next big support is 18,924, the upper edge of the next Green box. This is from where I expect to get at least a strong bounce.
$ES #ES-mini #trading setup #bearish reversal Note that ES finally broke under support of the blue trend line: That move down could be start of a new leg down in a subwave -c- down. The first micro support is 5,510 – 5,500. Note that a move down to 5,500 would complete a bearish Head and … Read more
$ES #ES-mini #trading setup #Elliott Wave Bulls produced a rally but that rally stopped at a much lower level than I expected: The primary wave count argues that the move up stopped at 50% retracement as a corrective w-x-y up structure. The second leg up in the wave y up stopped at the very minimum … Read more
#ES-mini $ES #trading setup #Elliott Wave Most likely ES is working on a correctiev bounce in a subwave -b- up: Upon completion of this a-b-c move up I expect another leg down in a wave c down. This is how the micro wave count looks like: Overnight decline completed a bullish Running Flat corrective a-b-c … Read more