Hello fellow traders. Another instrument that we have been trading lately is S&P 500 E-Mini Futures (ES_F). In this technical blog we’re going to take a quick look at the Elliott Wave charts of $ES_F , published in members area of the website. As our members know, $ES_F has recently broken June 9th peak which made it bullish against the 2920.5 low. Short term cycle from the 2920.5 low also shows higher high sequences, calling for further rally. Consequently, we advised members to avoid selling $ES-F and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and Trading strategy.
ES_F 1 Hour Elliott Wave Analysis 7.22.2020
ES_F has given us pull back that has reached our buying zone, equal legs (a)-(b) black blue at 3231.57-3210.55 ( buyers zone) . From marked Blue Box area area we expect rally to take us toward new highs ideally. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. We don’t recommend selling it against the main trend. At this stage we expect to see another short term leg down, which may or may not be seen. Anyway,strategy is buying the dips at the marked blue box area. As the main trend is bullish, we expect to see 3 waves bounce at least from the mentioned zone. As soon as the price reach 50 Fibonacci Retracement against the (b) peak, we should make long positions Risk Free ( put SL at BE).
ES_F 1 Hour Elliott Wave Analysis 7.22.2020
ES_F found buyers at 3231.35-3210.03 , the Blue Box area. We got nice rally from there, when wave ((iv)) completed at 3235.9 low. All longs from the blue box should be risk free at this stage. As far as the price stays above 3235.9 low and more importantly 3188.3 pivot holds, ES_F can keep trading higher as proposed on the charts.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
Elliott Wave Forecast