5/1 SPY analysis withfull trade included
Hello all,
ES is looking to complete its wave 1 before descending into wave 2 on the larger time scale.
This trade is taken when ES breaks out of the second wedge pattern which is in orange.
This looks to be a ABC retracement wave that is forming in the 5 minute.
Thetrade will be invalidated if ES goes above 4198, which is also the stop loss for this trade.
Price target is around 4100-4110 region, where there may be a bounce from trendline
Other targets can be selected using fib retracement.
This is one trade idea that I have but expect some choppy days ahead to shake off longs. This trade has very high R:R (1:10).
In the daily time frame there is a head and shoulder forming which. I also support this idea because I don't think the market grabbed enough liquidity to continue its wave 3,
so I thnk it will revise the 3500-3700 zone to grab more liquidity before exploding to the upside.
This may create a double bottom formation in the 360 region so we can expect to trade that in the future. I will go into more detail in my other analysis of the macro structure.
Please comment and like I would love to hear feedback.
ES is looking to complete its wave 1 before descending into wave 2 on the larger time scale.
This trade is taken when ES breaks out of the second wedge pattern which is in orange.
This looks to be a ABC retracement wave that is forming in the 5 minute.
Thetrade will be invalidated if ES goes above 4198, which is also the stop loss for this trade.
Price target is around 4100-4110 region, where there may be a bounce from trendline
Other targets can be selected using fib retracement.
This is one trade idea that I have but expect some choppy days ahead to shake off longs. This trade has very high R:R (1:10).
In the daily time frame there is a head and shoulder forming which. I also support this idea because I don't think the market grabbed enough liquidity to continue its wave 3,
so I thnk it will revise the 3500-3700 zone to grab more liquidity before exploding to the upside.
This may create a double bottom formation in the 360 region so we can expect to trade that in the future. I will go into more detail in my other analysis of the macro structure.
Please comment and like I would love to hear feedback.