duckwade

where is ES heading next?

Long
CME_MINI:ES1!   S&P 500 E-mini Futures
This past Friday, ES rallied till EOD just like 02/09/18, I would like to see similar pattern developing in the next 2~3 weeks that bring us to 61.8% retracement at 4580 or 76.4% retracement of 4680 before any significant drop/pullback coming out again. Near term, the resistance is at 4440~4450 range and then around 4487~4510 range. Market will need to penetrate both in order to follow my ideal path, which I think market will do in the coming week. If there is immediate pullback Sunday night/Monday morning, I would like to see 4350~4370 holds as support, but market should really go straight up and do short squeeze next week to shake off all the bears. I will be doing short term ES calls trying to capture this move, but keep hedge ES put in case what we are experiencing now is merely wave c of wave 4 and we go down to 4100~4150 range next. One reason I don't like this route is market very rarely do 5 waves in the wave 1 or wave A phase of big drop.
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