#Russell #RTY #trading futures #trading setup The first conclusion that we can make based on that wave count is that Russell made a lasting top in Nov’21: It did not make a new higher high in 2023-2024 making a negative divergence with stronger siblings, Dow, S&P and Nasdaq. Because Russell 2000 represents a broader market, … Read more
$ES #ES-mini #trading futures #trading setup As we correctly predicted, ES-mini dropped to our Green Box: Now bulls have a decent long setup for a rally in a subwave -c of wave (b) up that can target 5,275. This is the final line of defense for bulls. Break under 5,050 would make the bullish setup … Read more
$ES #ES #trading setup #Elliott Wave Bears finally started the move down towards the Green Box we expected If bulls stop that decline at the Green box that would be an attractive long setup for the second leg up in a subwave -c- of wave (b) up. This is how the big picture looks like … Read more
$ES #ES-mini #trading setup #trading futures Yesterday I shared a whipsaw path. This morning I want to slightly update it: Because the subwave b up has made a higher high, we should consider a very bullish Running Flat a-b-c down structure where the subwave c down stops at a 76.4% ext of the subwave a … Read more
$ES #ES-mini #trading futures #trading setup #Elliott Wave We are going to get important data release of Personal Consumption Index at 8-30 AM EST on Friday. Note, this move up today lacked a good structure, if the wave -b- down bottomed then we would have got a i up, ii down setup, a starting piece … Read more
#NQ $NQ #trading futures #Elliott Wave Let’s first look at a big picture on teh Daily chart : Bears can extend that leg down in a subwave (a). Let’s look at a micro wave count: There is a bearish wave count that allows bears to produce another push down in a micro wave -v- down … Read more
$ES #ES-mini #trading setup That bounce off the important 5,000 level could be a subwave -a- of wave (b) up: On a micro tick bar chart the -a-b-c- up structure of that move up looks completed: We can get a pullback in a subwave -b- down that can erase substantial part of this move up.
$ES #ES-mini #trading setup #Elliott Wave ES-mini keeps working on a large corrective -a-b-c- up bounce as we expected: ES-mini Daily chart I count that slow climbing push higher as a subwave -a- of a corrective wave (b) up. That wave count allows bears to produce another leg down in a wave (c) of (iv) … Read more
$ES #ES-mini #trading setup #Elliott Wave Let’s start from the macro update based on the Daily chart: Last week ES dropped into the upper green Demand zone: I continue to expect that bulls will step in at 5,000 important psychological level and produce at least a corrective a-b-c up bounce. I count that drop as … Read more
$ES #ES-mini #trading setup #trading futures #Elliott Wave In my previous updates I shared my expectations for a final move down that would break under 5,000: ES-mini 13,500 tick bar chart Overnight bears produced emotional climactic drop undercutting 5,000 level: As we expected, a break under 5,000 became a powerful invitation for bulls who immediately … Read more
$ES #ES-mini #trading setup #Elliott Wave Let’s look first at a big picture on the daily chart of ES-mini: That -a-b-c- down structure of the April decline may be the subwave (a) of wave (iv) down, teh first leg down of a three wave correction. If we look at a tick bar chart we can … Read more
$ES #ES-mini #trading setup #Elliott Wave #triple three Yesterday I shared my expectation that a complete looking Double Three corrective structure would morph into the Triple Three structure: …”If that pre-market rally stops at or under 5,240 that could become yet another failed attempt to start a rally to be labelled as (xx) up. In … Read more
#ES-mini $ES #Elliott Wave The corrective (w)-(x)-(y) down structure made enough micro waves to be considered completed. On Friday ES dipped into the Green Demand Zone. We got two pairs of a-b-c’s interconnected by the failed rally labelled (x) up. That looks like a completed corrective structure but doubts remain whether we can count that … Read more
$ES #ES-mini #trading setup Bears keep pushing ES min down as we expected: Note that 5,132 is a very strong level of support. That is the neckline of the Head and Shoulders bearish reversal pattern. Even if bears manage to undershoot it, we will most likely get a strong bullish bounce. If we get a … Read more
$ES #ES-mini #trading setup The macro count of the Daily chart argues that this move down is a starting corrective wave (iv) down: I expect that pullback to eventually test 5,000 level: There are two micro paths that can push ES-mini down there: (i) the overnight move down could be a micro subwave b down … Read more
$ES #ES-mini #trading setup The hotter than expected CPI numbers triggered a move down under the Monthly support: Es-mini 30 min chart Bears got a charged Head and Shoulders bearish reversal setup: Ideally we should get a bounce in a subwave b up to be followed by a strong fear driven subwave c down that … Read more
$ES #ES-mini #trading setup Today Es-mini failed to break under the Monthly Support 5,235: Bears failed to break under the Monthly Support 5,235. Tomorrow CPI Data will most likely push ES out of that range. The failure of bears today makes me think bulls can capitalize on that failure and push ES higher in a … Read more
$ES #ES-mini #trading setup Let’s start from a macro update of daily charts of S&P 500 cash index and ES-mini futures: S&P stretched to a 138.2% ext of the previous leg up, the normal target for a subwave (c) of wave (iii) up. If wave (iii_) up has topped then we should expect a pullback … Read more
$ES #ES-mini #trading setup This drop to a lower low makes me consider ES-mini having topped in a wave ( iii ) up: ES-mini 90 min chart We can count that drop as a subwave -c- of wave (a) of ( iv ) down. Note ES just dropped out of teh upward sloped channel. There … Read more
$ES #ES-mini #trading setup #Elliott Wave ES stretched high enough to hit the typical target for the strongest part of the rally, in subwave (c) of wave ( iii ) up: Specifically, ES-mini has hit a 138.2% ext of the subwave (a) of wave (iii) up = 5,268. Based on that macro wave count bulls … Read more
$ES #ES-mini #trading setup #flat a-b-c consolidation Bulls got a flat a-b-c down consolidation over the resistance of the previously made high (labelled as -iii-, topped at 5,256.50 on March 8, 2024): That is a base for another push higher in a micro wave -v- up.
$ES #ES-mini #trading setup #trading futures We keep watching the same bullish counts that allow bulls to keep pushing both indices higher. NQ stopped the decline right at the weekly support 1 = 18,440 yesterday. The structure of teh decline to the weekly support looks like a cotrrective w-x-y structure. A completed corrective structure allows … Read more
#ES-mini #NQ-mini #trading setup #Elliott Wave #topping Bulls finally made a move pushing ES out of the Green box: To complete the micro structure of the wave (iii) up bulls need to make a nominal new higher high. Ideally they should tag the Red Box. Such a push would complete the accelerated part of teh … Read more
$ES #ES-mini #trading setup #Elliott Wave #trading setup ES-mini follows the path I shared yesterday. As we expected, ES has been consolidating inn a micro wave iv down: I expect bulls to make one more push higher in a micro wave v up that should tag the Red Box. Upon completion of that expected push … Read more
$ES #ES-mini #trading setup #trading futures #Elliott Wave I think that is the final spike that wil finish the wave ( iii ) up: Let’s zoom-in because the micro wave iii up stretched up to 176.4% ext of the micro wave i up we can expect the micro wave v up to top either at … Read more
$Es #ES-mini #trading setup #trading futures We can count the post FOMC announcement pop as a teh top of the subwave –a- of wave -v- up: Then we may get a shallow a-b-c down consolidation that ideally shoudl botto in the Green box = 5,225 – 5,217. Such a flat consolidation at the Green Box … Read more
$S #ES-mini #trading setup #Elliott Wave We can count that overlapping corrective looking action as a completed wave -iv- down shaped as a triangle: Bulls have got a long setup to ride a rally in a wav e-v- up targeting the Red Box.
$ES $NQ #FOMC #Trading setup #Elliott Wave The uber bullish wave count allows bulls to start acceleration of the rally in a micro wave iii of -c- of -iii- up targeting the Red Box. To invalidate that potential bears need to break under the immediate support 17,623. But so far we only see a textbook … Read more
$ES #ES-mini #trading setup #Elliott Wave ES-mini should be in the final innings of the wave ( iii ) up of the five wave up rally that started in October 2022: That wave ( iii ) up should be followed by a corrective (a)-(b)-(c) down pullback in a wave ( iv ) down. The main … Read more
$ES #ES-mini #trading setup #Elliott Wave I count this push high as a corrective subwave -b- up: If we get a decline down to the Green Box that would complete a bullish -a-b-c- down “flat” consolidation, a solid base for another push higher in a wave -v-. Zooming-in: The daily resistance for today is 5,246.75. … Read more
$ES #ES-mini #trading setup Here bears have a setup for a push down in a subwave -c- There are three levels to watch today: If bears break under the support 5,185 the next support is the weekly support 1 = 5,155. That weekly support 1 stopped the bleeding on Monday. To trigger that bearish scenario … Read more
$NQ #NQ-mini #trading setup #trading futures The continuous contract switched to Jun 2024 and it slightly changed the numbers. This is how the bearish scenario looks like: The bearish count makes a lot of sense to me. Apparently bulls run out of steam and the rally stalled. Later I will show you an alternative uber … Read more
$ES #ES-mini #trading setup #trading futures #Elliott Wave Off the major low made in Oct 2022 ES has been moving up in an impulsive fashion following the five wave up fractal: The ideal target for the second leg of teh wave (iii) up, its subwave (c) is a 138.2% ext of teh subwave (a) = … Read more
$NQ #NQ-mini #trading setup #head and shoulders #Elliott wave The uber bullish wave count allows bulls to keep pushing higher: This wave count is valid as long as bulls hold NQ-mini over the stop at 17,372. Violation of that stop level would cast doubts over that uber bullish scenario and confirm the bearish scenario shown … Read more
$ES #ES-mini #trading futures #trading setup As our wave count suggested yesterday, ES-mini turned down: This is how that move down in a subwave -c- looks like now: There are two potential green zones where this decline may terminate. ES has almost hit the upper one, 5,079 – 5,069. In that case we will get … Read more
$ES #ES-mini #trading futures #trading setup This rally in a wave ( iii ) up should be followed by a corrective pullback in a wave ( iv ) down. The ideal level for the wave ( iii ) up to top is 5,207 – 5,220. If we zoom-in to a 120 min chart we can … Read more
$ES #ES-mini ES mini hit 5,150, the target we have been discussing for weeks: . ES-mini 120 min chart Here bears get an opportunity to turn ES down and start a subwave -c- down that would complete the whole -a- down, -b- up, -c- down corrective structure of the wave -iv- down. Upon completion of … Read more
$ES #ES-mini #trading setup Bulls have broken out of the declining price channel: That morning push up confirms completion of a corrective consolidation. That looks like start of a rally targeting 5,150.
$ES #ES-mini #trading setup #Elliott Wave ES-mini popped up strongly following strong earning reports posted by NVDA. We correctly predicted that rally 24 hours in advance. The ultimate target for the wave -iii- up is located at 5,140 – 5,150. But there is strong probability that ES-mini will not hit the target in a direct … Read more
$ES #ES-mini #trading setup #Elliott Wave This afternoon I reiterated my bullish view for subscribers of my chat room: “So far all bears did is a flat -a-b-c- down structure at the top, a textbook corrective consolidation. That second leg down has already made five micro waves… A break over the red trend line would … Read more