Lets start with the macro Idea
As of now if ES goes above WAVE B high (4198), I am bullish however if it doesn't then I will incorporate this trading idea.
A head and shoulder pattern is forming in the daily chart, which is an extremely common structure in Ellliot waves 1 and 2.
This is because it is a liquidity grab so ES can go up high into the next wave 3.
Right now ES seems to be completing its wave B and into Wave C which should take us below wave a swing low of 3840 (PT1)
I am currently looking at short positions with high R:R.
After liquidity graB aka( wave2), we can look for long positions for the start of wave 3.
Given the state of the current economy, I think this last liquidity grab is important before we can move higher.
Please share your feed back, I am excited to know your thoughts!
If you have any questions I would love to answer them!
As of now if ES goes above WAVE B high (4198), I am bullish however if it doesn't then I will incorporate this trading idea.
A head and shoulder pattern is forming in the daily chart, which is an extremely common structure in Ellliot waves 1 and 2.
This is because it is a liquidity grab so ES can go up high into the next wave 3.
Right now ES seems to be completing its wave B and into Wave C which should take us below wave a swing low of 3840 (PT1)
I am currently looking at short positions with high R:R.
After liquidity graB aka( wave2), we can look for long positions for the start of wave 3.
Given the state of the current economy, I think this last liquidity grab is important before we can move higher.
Please share your feed back, I am excited to know your thoughts!
If you have any questions I would love to answer them!