#NQ $NQ #Elliott Wave #trading setup That is my preferred Very Bullish wave count: Zooming-in: Under the Very Bullish scenario the sharp drop we got last week was a micro wave -iv- down of (c) of wave ( iii ) up. That wave count allows bulls to produce another leg up targeting 22,000 (the lower … Read more
$ES #ES-mini #trading setup So far the July decline looks like a corrective -a-b-c- down structure. This morning bears are pushing ES mini down one more time to hit the green box in the micro wave v of -c- down. Then bulls will get a setup for at least a large a-b-c up bounce targeting … Read more
$NQ #NQ-mini #Elliott Wave #trading setup This drop can be counted as the final micro wave v down that kisses the Green Demand zone: In my Wednesday update I shared the Very Bullish scenario that allows bulls to start another leg up: . 19,820 is the low made by the previous pullback. Bears want to … Read more
$NQ #NQ-mini #trading setup #Elliott Wave As we expected, NQ produced a nice decline. But the decline looks corrective because it has a clean a-b-c down structure and it has made a higher low: I can zoom-in to a 30 min chart: The Uber Bullish count assumes that the last high was not the top … Read more
$NQ #NQ-mini #trading setup #Elliott Waves I consider a corrective looking overlapping pullback off the Friday morning low as a corrective wave -b- up that should be followed by another leg down targeting 19,900. There are two micro scenarios. The bullish micro scenario allows bulls to make one more push higher making a lower high: … Read more
#ES-mini $ES #trading futures #Elliott Wave Bulls made enough micro squiggles to complete a five wave up rally that started in April 2024: That wave count allows bears to produce an a-b-c down structure targeting 5,500 and then 5,400. The very first target for bears is to push ES down to the blue trend line. … Read more
$ES #ES-mini #trading setup #Elliott Wave Bulls have completed two five wave up structures. Traders are very short sighted creatures. They first react to the small impulsive structure that was recently completed. Then they zoom-out and notice that another one larger five wave up structure was completed. This is why I think we may get … Read more
$ES #ES-mini #trading setup #Elliott Wave On Thursday morning we got an exhaustive panic driven spike powered by CPI data release: In this update I will discuss two wave counts. The first one is the bearish count that argues ES-mini made a lasting top. Let me explain you why I do not like that count. … Read more
$NQ #NQ-mini #trading setup #Elliott Wave We expected the rally to stumble upon a confluence of two strong fibs at 20,762 (see two red arrows): Note that price dropped under the support of the blue trend line. When price breaks under the upward sloped trend line and then it makes a slightly higher high you … Read more
$ES #ES-mini #trading setup #Elliott Wave Yesterday the rally tagged the target 1 = 5,621, then overshot it, cam back down to retest it from above and then popped up again making a new higher high: The first micro support is 5,610.50. Bears need to violate that support to confirm completion of the wave ( … Read more
$ES #ES-mini #trading setup #Elliott wave Let me explain why I think that 5,646 – 5,656 is a very strong confluence of fibs that forms a strong resistance. Let’s start from the last major low made in Oct’2022: We can track the move up that started at the Oct’2022 low as an unfolding five wave … Read more
$ES #ES-mini #ElliottWave #trading setup I count this forming top as a top of a subwave (c) of wave (iii) up, the peak of the accelerated part o the rally but not the TOP of the whole rally. I expect the wave ( iii ) up to top at in the Red Box or inside … Read more
$NQ #NQ-mini #trading setup #Elliott wave NQ found firm support in the Green Box and started a rally towards the Red Box: Let’s zoom in: Here NQ has tested the target 1 = 20,255. Ideally I would like to get a shallow pullback or consolidation in a micro wave iv down tat can push back … Read more
$ES #ES-mini #trading setup #Elliott Wave In the previous update we correctly predicted extension of the rally: “…stretch higher up to the previously made double top ( 5,588 – 5,585)”. So ES-mini extended higher: Let’s see if bears can produce any consolidation / pullback in a subwave -b- down off that resistance 5,585. In an … Read more
$ES #ES-mini #trading setup #Elliott Wave Yesterday I noted that bulls could start a new leg up off the weekly support 5,511. ES-mini turned up and then broke over the key resistance 5,541. Let’s check how that chart looks like after the rally: We should treat the breakout level of 5,541 as the key support. … Read more
$ES #ES-mini #trading setup #Elliott Wave .I expect bulls to make another run higher upon completion f that move down that I count as a subwave -c- or subwave -y- of a wave -iv- down. A preliminary target 1 for an upcoming move higher is 5,630. Here ES-mini sits at a weekly support 5,511. Bulls … Read more
$ES #ES-mini #trading setup #Elliott Wave #trading futures Yesterday in my weekend update I discussed two alternative macro scenarios that argued for one or two legs up. Today we will discuss what could become a technical trigger of that rally. Note that ES has been consolidating in a narrow range 5,588 – 5,510 for the … Read more
$ES #ES-mini #trading futures #Elliott Wave I keep tracking two main scenarios, the Uber bullish one and a normal bullish one. Under the Uber Bullish scenario the wave -iii- up has not topped yet: Under the Uber bullish scenario ES can make two more legs up to new fresh all time highs before we can … Read more
$ES #ES-mini #trading setup #Elliott Wave Under that Trickly Bearish scenario this rally that has a clean a-b-c up structure should fail at or slightly higher Black box. That Tricky Bearish scenario allows bear to produce one more leg down targeting the Green Demand Zone: ES-mini 120 min chart (2) The Uber Bullish scenario Under … Read more
$ES #ES-mini #trading futures We can cout the rally that topped overnight as a corrective wave -x- up to be followed by another a-b-c down move in a wave -y- down: If bulls manage to push ES back over 5,546 that would invalidate that bearish scenario and open the door for a new all time … Read more
#ES $ES #trading setup #Elliott Wave Yesterday I shared several macro scenarios. Today I will update the primary bullish scenario. Let’s zoom-into a 30 min chart: Bears remain in control and can push ES lower down to the Green Demand zone. If bulls manage to stop the decline at 5,460 they will be able to … Read more
$ES #ES-mini #trading setup #Elliott Wave I watch three potential macro scenarios and two micro scenarios. Let’s discuss them. (1) the Uber Bullish Macro Path: Note that 5,521 is the previous high, a resistance that is supposed to work as a support now. The Uber Bullish scenario considers that decline as a micro wave iv … Read more
$NQ #NQ-mini #trading futures #UberBullish I would like to update the uber bullish path I posted for NQ-mini a week ago I see a strong resistance band at 20,500 – 20,700. NQ-mini may top in the wave (iii) up, the strongest part of the rally there. We have not tagged that level yet. In the … Read more
$NQ #NQ-mini #trading setup #Elliott Wave The Uber Bullish wave count argues that the five wave up structure off the Oct 2023 low does not look having completed: Zooming-in we can see that here the subwave -c- of wave -iii- up may top: That count argues that the next pullback that can tag the Green … Read more
$ES #ES-mini #trading setup The Daily chart has had the Red Box for the major top in between of 5,650 and 5,800: The normal scenario assumes we should get a consolidation in a subwave (b) down of wave (v) up before we can get another leg up to the Red Box. If we look at … Read more
$ES #ES-mini #trading setup #Elliott Wave Bears failed to trigger a bearish move. This morning CPI came out slighly cooler than expected and bulls pushed ES to a new higher high: This move up off the April 2024 low looks like a micro five wave up rally. Under the Harmonic Elliott Wave theory, the final … Read more
$ES #ES-mini #trading setup #Elliott Wave The bullish wave count allows bulls to produce another stromg rally into Nov 24 US elections in the final subwave (c) of the wave (v) up: But before the wave (c) of (v) up can start we need the corrective subwave (b) down to bottom. My wave count argues … Read more
$ES #ES-mini #trading setup #Elliott Wave In the previous update I shared my expectation for a turn down off the Red Box: Bulsl pushed ES-mini to tag that Red Box and then ES-mini turned down as expected: That is an interesting chart in a sense that we have two potential bullish inverse head and shoulders … Read more
$ES #ES-mini #trading setup Unfortunately, we never got the second leg down in a subwave (c) of the wave (iv) down I expected. The uber bullish scenario assumes the wave (iv) down bottomed and the wave (v) up started: As you can see, ES-mini has been following the five wave up fractal off the major … Read more
$Es #ES-mini #trading futures #trading setup #Elliott Wave On Friday we correctly predicted a bullish reversal off the Green Box: This is how it played out: Bears tested the lower edge of the Green Box on Friday and then bulls stepped in and started a strong rally. The Weekly Resistance band for the upcoming week … Read more
$ES #ES-mini #trading setup #Elliott Wave On the Daily chart you can se ES-mini futures moving down in the second leg of the corrective (a) down, (b) up, (c) down structure: Once that (a)-(b)-(c) down move is completed we should get another strong rally in the wave (v) up to 5,700-5,800. Let’s zoom-in to a … Read more
$NQ #NQ #trading futures #tradig setup #Elliott Wave On the daily chart you can see that NQ-mini rolled over and started the second leg down in a wave (c) down: Look at the Green Band formed by two EMA 21 lines: You can see on the chart that the green band stopped a number of … Read more
$ES #ES-mini #trading-setup #Elliott Wave Bears finally broken under a meaningful support 5,300 today and by doing that they turned the weekly and daily trends down: Now the broken support 5,301.50 should be considered the key resistance: As long as bears hold ES-mini under 5,301.5 they will remain in control and will be able to … Read more
$NQ #NQ-mini #trading setup #trading futures Yesterday we got a textbook bearish 2-close outside reversal pattern, a morning rally makes a new higher hogh followed by a reversal and decline that pushes price into close of the day nder the daily closes of two preceding days: Bears have a setup for decline in a subwave … Read more
$ES #ES-mini #trading setup The big picture for long term traders: we wait for another leg down to the Green Box for completion of the (a) down, (b) up, (c) down corrective structure to go long to ride a rally in the wave (v) up: Let’s zoom into a 240 min chart: Micro picture for … Read more
$ES #ES-mini #trading setup I count that rally as a corrective bounce in a subwave (b) up that should be followed by decline in a subwave (c) down. 5,333 remains to be the key level of resistance’. Bears need to keep ES under that level to trigger the failed breakout setup. If bulls manage to … Read more
$ES $NQ #trading setup #trading futures Last week a rally in ES-mini finished in the Red Supply Zone: The lowest daily close out of two preceding days = 5,239. 5,239 is the micro support that has to be broken to trigger a bearish reversal setup. Last week a rally in NQ-mini stopped at a strong … Read more
$ES #ES-mini #trading setup #Elliott Wave I count that rally as a subwave -c- of wave (b) up that has tagged the lower edge of the Red Box. The subwave c of wave (b) is a culmination of a short covering rally. I expect that rally to fail at or inside the Red Box and … Read more
#NQ-mini $NQ #trading setup #trading futures We can count that move up in NQ as a complete looking -w-x-y- up corrective bounce that has approached the Red Box: If bears manage to defend the Red Box we can expect another large leg down in a subwave C down. Let’s revie a big picture on the … Read more
#ES-mini $ES #trading setup #trading futures #Elliott wave The stock market is a quintessential zero sum game. In each trade only one side wins. The same principle applies for the market as a whole. When bulls have a setup but fail to start a rally that failure invites bears to try their chances. Bulls had … Read more