duckwade

where is ES heading next?

Long
CME_MINI:ES1!   S&P 500 E-mini Futures
We cleared the past high of 4446.5 today and close at high. Currently, ES is sitting around the 100% extension from 4212 low, so many would argue this is possibly where wave c of wave 4 down is done, and we will make new low next. However, downside movement of ES very rarely is doing 5 waves, it tends to do 3 waves, especially when it's not in a big C wave down. Also from past fractals (Feb~Mar 2018, Sep 2015, Nov 2018, etc), we should at least hit somewhere around the 61.8% retracement of the whole drop, which is sitting at 4580 right now. So I think upside movement of ES is not done yet. Currently micro support is sitting at 4450~4465 range, as long as this holds, we should continue higher into 4580 range this week, there is another possibility that we will do a wave 4 pullback next, before attacking 4580 range, and if that route plays out, we should hold 4400~4415 range. I expect one of these zones hold for the next pullback, and we are going to see 4580 range this week or early next.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.