Short
ES Finishing 3rd Drive
The ES seems to be finishing its 3rd drive below are my reasons for this and my expected target.
Drives 1, 2 & 3 are practically equidistant ( drive 2 is off by a few points)
Pull Backs A & B are both 61.8% of their respective prior drive.
Both drives 1 & 2 and subsequent Pull Backs have taken the same amount of time to occur. Currently drive 3 has taken the same amount of time as 1 & 2.
Drive 1 occurred at the beginning of 2012 and began its Pull Back at approximately the end of March which resulted in Pull Back "a"
Using Pull Back a & b to project Pull Back c, the ES should retrace to around 1433, which is also 61.8% of drive 3.
Since this has been a very strong uptrend I am using a very tight stop @ 1566.00 and taking profit @ 1433 or when price action indicates the retracement is over.
Also, comments are welcome, the only way to learn to trade better is through constructive criticism
Drives 1, 2 & 3 are practically equidistant ( drive 2 is off by a few points)
Pull Backs A & B are both 61.8% of their respective prior drive.
Both drives 1 & 2 and subsequent Pull Backs have taken the same amount of time to occur. Currently drive 3 has taken the same amount of time as 1 & 2.
Drive 1 occurred at the beginning of 2012 and began its Pull Back at approximately the end of March which resulted in Pull Back "a"
Using Pull Back a & b to project Pull Back c, the ES should retrace to around 1433, which is also 61.8% of drive 3.
Since this has been a very strong uptrend I am using a very tight stop @ 1566.00 and taking profit @ 1433 or when price action indicates the retracement is over.
Also, comments are welcome, the only way to learn to trade better is through constructive criticism
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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.