drewpart75

drewpart75

On the 114 min chart of ES, RSI is in extreme O/B territory. Doesn't mean we'll immediately dump, but if the past is any indicator of the future...hmm. My WAG is since "peach" (a) came within one tick of the extreme high (of Black A) on 4/29/20 (see red arrows), then (b) will be a deep r/t...going all the way down to meet the black TL (under 2800). Then back up...

drewpart75

Price has NOT confirmed a top to this Red (b) wave (yet) but it has tagged the normal r/t fib level in the .618. RSI is o/b on the 114 min chart...we have a DEATH CROSS...and it's Cinco de Mayo. Regardless if people can congregate or not, my WAG is some decent selling into the close today...which will continue the remainder of the week. Red (c) targets 2720. ...

drewpart75

This 4 hr chart is admittedly hard to decipher...but as long as the double top holds (3202.50); which was an exact 1.618 of red (a), I'm calling this the start of C down. Support for Green (a) is...are you ready? The .414 fib of red (a) at 3103...then I'll be looking for a .618 r/t (up) for (b) (not shown)....and not adjusted for time of course... The Wave Counts...

drewpart75 Updated 

It's early to call this...but believe the move yesterday and into today was an (A) wave. This next move may confuse some traders but believe we'll see an Expanding Flat correction for this (B) wave. Remember, EF's will surpass the origin of the (a) wave to complete (b)...but then rocket up in a 5 wave move for (c). We'll see how this pans out...good luck!

drewpart75

Looks like ES may be starting the “c” leg down in an (a) wave pullback. Don’t get too greedy though…expect a bounce up in (b) at/around 2760. Possible H&S forming on the 55 min chart as well. Confirmed if <2816…Denied if >HOD 3/26. Good Luck and trade well!

drewpart75

Hello Y'all- once the 'distributors' stop distributing their shares causing ES to rocket up this morning, the (c) of C can start.

drewpart75

I posted a 144 min chart earlier, but this is what the Daily is telling me....the waterfall may in fact be starting its "scenic" view to the downside. But, as mentioned earlier...be cautious at/around the 2600 area bc I suspect a rise to 2640, followed by a drop to the 2570 area to complete the X Wave. The Y Wave will most likely fool a lot of traders thinking...

drewpart75

I expect the current structure of ES to be in a Bearish W, X, Y Expanding Diagonal pattern, with us currently in the X Wave down. I'm watching for a reversal between 2570-2600 which may fool a lot of traders thinking it'll go lower. I then expect price to go up to complete the Y Wave around 2700-2720 zone; which would also (finally) complete the overall Wave 4. ...

drewpart75

Since IVth waves are A-B-C structures, and the typical retrace of Wave B (which we're in) is 50% of Wave A, 2420 should be an area to watch for a potential Wave C (up). Obviously, B Waves can extend so caution is advised...but keep your shorts on for now, but prepare thyself for Long pants soon. GL Y'all!

drewpart75

Wave IV’s are an A-B-C with the B (down) currently picking up speed. But, keep your Long Pants handy around 6115 (50% fib level of Wave A-not shown).