johngarland
Long

ESZ19 Wave 5 LONG opportunity

CME_MINI:ESZ2019   S&P 500 E-MINI FUTURES (DEC 2019)
15, 30, 60 minute charts all indicate wave 4 pullback setup opportunity into the painted retracement zone. I combine market profile with Waves in order to seek good locations for entry.

Price needs to cross below 3075.75 to meet the minimum retracement. There is a small zone at 3079.5-3078. This will make a good day trade opportunity but seems likely price will retrace deeper into the zone.
There is a VAL (value area low) inside of the retracement zone at 3070.75-3066.5 with a major Fibonacci leve at 3072. This is the zone that I will be monitoring closely for a reversal for price to continue higher. Finally, there is a 60-min demand zone further down (still well within the target retracement zone) at 3058.25-3055.

I will publish notes at a later time with a target zone above the current swing high. This zone will be a measurement of how deeply price pulls back into the target retracement zone.
Please feel free to post any comments you may have here.
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