$ES - taking a look at S/D zones and wave theory
NOTE : THIS IS ES AND NOT SPX SO LEVELS WILL VARY BETWEEN THE TWO - BUT COUNT WOULD BE THE SAME
Diving into supply and demand zones, major pivot avwap, and looking at wave theory we can find some confluences.
As of right now this is my favored count - although there are other Alt's that could end up playing out. As of now I am seeing the last 3 waves as an ABC move - although it could be a wave 1 in place of A - 2 in place of B - and we are working on a 3. That Alt is not so good because that means we are still in wave A - and much more pain is coming. But like I said I am not favoring that.
What am I favoring? Well I think we are finishing off a wave C right now - by the looks of it our target of 4574 on ES is almost hit. From there I expect at the very least a 50-61.8% retrace back up to the Downtrend line / Supply zone, could break right through it and back to ATH's (with Ichan's put selling today that may be what happens), or we may get rejected and head down to the demand zone. In the demand zone we find the last major AVWAP and also the 50DMA - I highly doubt this correction will be able to break that - so if we do get there I likely will be "loading the boat" so to speak.
Later this weekend I will put up spy , qqq, iwm , and some trade ideas.
HAGW and Happy Thanksgiving weekend!
Diving into supply and demand zones, major pivot avwap, and looking at wave theory we can find some confluences.
As of right now this is my favored count - although there are other Alt's that could end up playing out. As of now I am seeing the last 3 waves as an ABC move - although it could be a wave 1 in place of A - 2 in place of B - and we are working on a 3. That Alt is not so good because that means we are still in wave A - and much more pain is coming. But like I said I am not favoring that.
What am I favoring? Well I think we are finishing off a wave C right now - by the looks of it our target of 4574 on ES is almost hit. From there I expect at the very least a 50-61.8% retrace back up to the Downtrend line / Supply zone, could break right through it and back to ATH's (with Ichan's put selling today that may be what happens), or we may get rejected and head down to the demand zone. In the demand zone we find the last major AVWAP and also the 50DMA - I highly doubt this correction will be able to break that - so if we do get there I likely will be "loading the boat" so to speak.
Later this weekend I will put up spy , qqq, iwm , and some trade ideas.
HAGW and Happy Thanksgiving weekend!