RationalTrader

wave 5 under construction

CME_MINI:ES1!   S&P 500 E-MINI FUTURES
Wave 5 seems to take the firm of a wedge which is not that unusual. But trade carefully this autumn as a corrective ABC pattern will come after the 5th wave if this pattern proves viable. It should break the weekly trendline , and wave 4's zone at around 1800-2100 would serve as the first target for the correction.

Wedge seems technically it will break before new years. With US election coming up later this year, I would be careful with trading US equities. Probably for my own sake I will exit my longs around the last months highs at around 2200, then wait to after election before I go into this market again.

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