Possible Low Area: Good ops to short rip

E-mini S&P 500 FuturesCME

Description

⋅ Apr 15, 2024 8:27 PM

We might be in bearish Elliot waves here on ES / SPX.

If we are, there's a good chance we are at a low point now and due to enter into an ABC correction.

A two leg spike with a bear trap (But no new low) in the middle.

Sets up a possible high RR short on the C point.

Most of the previous short forecast has hit now.

Comment

⋅ Apr 15, 2024 8:31 PM

Estimate of Elliot downtrend (Using SPX levels, not ES as the OP).

Low made around 5050.
Rally to 5125.
Stop to 5000.
Rally to 5080.

Follow through drop can be a big one to 4990 area.

Comment

⋅ Apr 16, 2024 1:13 AM

Looks like rally might fail. Out longs at even.

Will maybe get in again if we rally but bear break could be bad. Would follow breakouts.

Trend Analysis