SP Futures ABC Elliott Wave correction is finished... Bullish
Updated
I believe the bigger ABC correction is finished.
All of the waves are super clean, and all fib levels and extensions are spot on for Elliott Wave measurements.
Doesnt mean it cant go into a more complex correction from here... but as far as the ABC correction... its finished imo.
SP is now starting a bullish wave 1 of a much bigger sequence that will eventually take it to ATH.
It appears it could be in wave 4 of the wave 1 now (wave 4 is often a triangle).
My analysis on tsla from april (see tradingview.com/chart/TSLA/Jrqwn2CJ-TSLA-800-area-possible-target-near-term/) had the end of the c wave at possibly 620 (hit within $1)... and i see the same things in the ES for now with a clean 5 waves down for the C wave (has to be 5 waves).
4300 would be a good resistance spot for this move to stop, as there was a triple top at that level.
The big trade setup will be if price gets to the 4300 area, completing this first 5 waves up....
Then pulls back for wave 2 into approximately the 4000 area.
This will be a SCREAMING buy opportunity in my opinion, and a great entry for wave 3 up, which can often be the biggest wave.
Many things lining up for the bullish contrarian bet to be the right bet... We will see
All of the waves are super clean, and all fib levels and extensions are spot on for Elliott Wave measurements.
Doesnt mean it cant go into a more complex correction from here... but as far as the ABC correction... its finished imo.
SP is now starting a bullish wave 1 of a much bigger sequence that will eventually take it to ATH.
It appears it could be in wave 4 of the wave 1 now (wave 4 is often a triangle).
My analysis on tsla from april (see tradingview.com/chart/TSLA/Jrqwn2CJ-TSLA-800-area-possible-target-near-term/) had the end of the c wave at possibly 620 (hit within $1)... and i see the same things in the ES for now with a clean 5 waves down for the C wave (has to be 5 waves).
4300 would be a good resistance spot for this move to stop, as there was a triple top at that level.
The big trade setup will be if price gets to the 4300 area, completing this first 5 waves up....
Then pulls back for wave 2 into approximately the 4000 area.
This will be a SCREAMING buy opportunity in my opinion, and a great entry for wave 3 up, which can often be the biggest wave.
Many things lining up for the bullish contrarian bet to be the right bet... We will see
Note
Looking good so far.It looks like wave 4 could be in.
Wave 4 most often retraces wave 3 to approx 38.2%. Almost right to the level and a strong bounce.
Wave 5 targets include 4250, 4278, and 4360.
Trade closed: stop reached
This bullish Elliott Wave count failed.It broke the lows, and is possibly working on the 5th wave of the C down now
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