ES - I finally see a count I like and can trade
I have been complaining about ugliness of the structure of that rally in ES.
Tonight I remembered that I had similar problem with micro counting the first move up off the mid March low. I decided to review it again ( focus on the structure highlighted with yellow box on the chart below ).
In that five wave up impulsive structure subwave a of v up went much higher than the top of wave iii up, but subwave b down of wave v up managed to hold over the critical support created by the bottom of wave iv down. Then I decided to apply the same count to the second leg of the rally in ES.
ES - 30 min chart as of March 27, 2020
Focus on five wave up rally that started off the bottom of wave ( B ) down.
If I apply the very same structure to this rally in ES it starts making sense to me!
The very same Expanded Flat structure of wave -iv- down.
And the very same strong subwave -a- of wave -v- up. And subwave -b- down of wave -v- up respected the low made by the previous pullback in wave -iv-down.
Under that count ES is left with the final push higher into the end of this week before start of a long weekend. A push higher into the Supply Zone at 3,030 – 3,070 would make me go short.
ES - 240 min chart updated at 8-40 Pm on 5-19-2020
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