ES - A Pathway to Follow TBond Yields
ES WEEKLY Linear Chart - This is a Sell/Short idea... Will be looking for an ideal setup at the Wave 2 if swing trading. With this set-up you can view the early Feb top as a stop.
This is a refinement of a previously published idea on my outlook for ES based mainly on my anticipated yield direction of the US10Y. See my idea on TBonds following the link below...
I am anticipating a little more upside to yields...then a ST top. The following move up will carry us over 5%. If this occurs there will be an inverse move in the ES. As mapped out here.
My assertion is the true top on ES was Nov 22, 2021. NQ top was that date as well which further supports this concept.
There are many ways to label the wave count off the top. However, I think the 3 wave formation in the period between Nov 22 and Jan 3, '22 cannot be omitted from the wave count. It was significant in time and price. That being said, in my thesis the corrective waves from that point can be counted as a series of 3 wave correctives. A weekly chart makes that become more obvious. Again...you cannot omit the November top from the corrective count. The number of overlaps and broken channels in the declining waves further supports this concept.
I'm putting forth my wave count here based on those considerations... In EW you can't tell where you are going until you know where you've been and how that path unfolded.
This is a refinement of a previously published idea on my outlook for ES based mainly on my anticipated yield direction of the US10Y. See my idea on TBonds following the link below...
I am anticipating a little more upside to yields...then a ST top. The following move up will carry us over 5%. If this occurs there will be an inverse move in the ES. As mapped out here.
My assertion is the true top on ES was Nov 22, 2021. NQ top was that date as well which further supports this concept.
There are many ways to label the wave count off the top. However, I think the 3 wave formation in the period between Nov 22 and Jan 3, '22 cannot be omitted from the wave count. It was significant in time and price. That being said, in my thesis the corrective waves from that point can be counted as a series of 3 wave correctives. A weekly chart makes that become more obvious. Again...you cannot omit the November top from the corrective count. The number of overlaps and broken channels in the declining waves further supports this concept.
I'm putting forth my wave count here based on those considerations... In EW you can't tell where you are going until you know where you've been and how that path unfolded.
