$ES is at/near top of corrective (B) wave
Updated
ES touched $2800 and poked through the top of its upper wedge resistance trendline. On a technical level we have one more push higher in C of (V) to complete before this fractal is over – but we may not get it. I would like to see price complete this final wave by breaking upward vertically out of the wedge and hitting what has been my target since the bottom of wave (A) – $2850 - $2880 area. $2880 is my MUST SELL target.
From there we may get some sideways chop as we consolidate in wave (i) and (ii) of the new 5-wave fractal down in macro (C). That should push price back downward through the wedge and break it to the downside.
This is a classic setup the big boys use to create liquidity. As the wedge breaks upward shorts panic sell at the top as longs panic buy, then when the wedge breaks down those same traders fuel the decline.
I have no position currently... I plan to get short on a convincing upward break of the wedge, and add to any shorts at the key $2850 to $2880 magic levels. Downside expectations could stretch from $2000 - $2150 ES.
Trade active
This idea is still valid and price is approaching our entry target.Trade active
We've exactly pegged the short sell zone. This is an excellent reward-risk area to short.
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