Long

ES Monthly Head and Shoulders (Forming Right Shoulder)

Updated

There is a lot to take in regarding the Monthly Chart of ES Futures. I believe we are setting up for the right shoulder and should rally into Monthly supply forming a lower high. The October low was only at the 50% mark. Demand from the ABCD move in 2020 puts the pullback into the Golden Pocket of 50-68%. The ABCD move of the right side of the head and shoulders with land price into the golden pocket. The measured move of the Head and shoulders puts price down at 2500 area into the Monthly Channel bottom and the Monthly 200sma.

On the Monthly the trend is down with the short term being bullish trying to find the potential lower monthly high

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Here on the weekly chart, you can see a micro ABCD move to find the lower high and the right shoulder for the Monthly Down Trend. Weekly is bullish

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On the daily chart, I believe we are on wave D to complete the ABCD measured move into supply. I expect bullish price action for the next couple of weeks. All signs point to buying. I believe that the FOMC meeting soon will explode prices higher.

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Here on the 4 Hour, you can see it broken down to even finer details regarding the weekly ABCD move to form the lower high on the Monthly chart

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Here on the 1 Hour chart we are forming higher highs and higher lows and on the D move of the ABCD formation up into monthly supply

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On the 15 Minute Chart, we are waiting for a break of the higher high in order to continue with the up trend. Regarding Day Trading, I will be using the HH.HL in order to play the uptrend.

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On the 2 Minute chart the ABCD move of D takes place exactly at the FOMC timing and at the bottom of the upchannel. I believe FOMC will be bullish and will break to new highs

Dow_Jones_Maestro

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