matt_forex

ES Finishing 3rd Drive

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CME:ES1!   None
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The ES seems to be finishing its 3rd drive below are my reasons for this and my expected target.

Drives 1, 2 & 3 are practically equidistant ( drive 2 is off by a few points)

Pull Backs A & B are both 61.8% of their respective prior drive.

Both drives 1 & 2 and subsequent Pull Backs have taken the same amount of time to occur. Currently drive 3 has taken the same amount of time as 1 & 2.

Drive 1 occurred at the beginning of 2012 and began its Pull Back at approximately the end of March which resulted in Pull Back "a"

Using Pull Back a & b to project Pull Back c, the ES should retrace to around 1433, which is also 61.8% of drive 3.

Since this has been a very strong uptrend I am using a very tight stop @ 1566.00 and taking profit @ 1433 or when price action indicates the retracement is over.

Also, comments are welcome, the only way to learn to trade better is through constructive criticism

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