ES Daily Harmonic Elliott Wave Analysis
Hi traders,
The price action did what I outlined in the update to my last post. Now, I see us completing wave Y (second zigzag) soon, most probably by end of today. What comes next is another wave X and then the third zigzag, Z to the actual market bottom. The second zigzag Y was also formed in a nice downward channel.
4-hour view: As you can see, we have completed waves I, II, III, and IV of C of Y so far. Now, we are in wave b of V and the regular hour trading of today completes wave V:
Price targets for wave V bottom (around 3591): Lets look at 1-hour and 15-min charts: wave b of V is currently forming a bear flag. I believe it pushes up to around 3732 before c of V starts (3725.25 is the %50 retracement of a of V).
Lets use some fibs to come up with potential targets (not described in detail):
1. Relation between wave a and c of Y: 3573
2. Relation between wave V of C to waves I and III of C: 3596.25
3. Also, if we see the flag breakdown, we can come up with more accurate fibs, as they are lower timeframe wave structures.
The price action did what I outlined in the update to my last post. Now, I see us completing wave Y (second zigzag) soon, most probably by end of today. What comes next is another wave X and then the third zigzag, Z to the actual market bottom. The second zigzag Y was also formed in a nice downward channel.
4-hour view: As you can see, we have completed waves I, II, III, and IV of C of Y so far. Now, we are in wave b of V and the regular hour trading of today completes wave V:
Price targets for wave V bottom (around 3591): Lets look at 1-hour and 15-min charts: wave b of V is currently forming a bear flag. I believe it pushes up to around 3732 before c of V starts (3725.25 is the %50 retracement of a of V).
Lets use some fibs to come up with potential targets (not described in detail):
1. Relation between wave a and c of Y: 3573
2. Relation between wave V of C to waves I and III of C: 3596.25
3. Also, if we see the flag breakdown, we can come up with more accurate fibs, as they are lower timeframe wave structures.
Comment:
Update: the structure is the same, just some further labeling was needed:
