The recent push down for ES on Friday 19th June 2020 has caused doubt on the validity of a wave 3. However, at this point in time, I believe that the odds are back that ES is still in a strong up trend. In fact, if you follow my wave counts, it will be a wave 3 of a wave 3 with a conservative target of 3160 (1=3 wave length). Given that 3160 is the price area of the previous tops, I believe that price will definitely be in doubts to push further and there will be some resistance there.
Good luck trading! :)
Good luck trading! :)
Trade fechado manualmente:
even though this idea would have worked out profitably for a while, I think it has been invalidated for the longer term. Wave 3 shouldn't take so long. Also, I did an analysis on a few of the underlying components of S&P (MSFT, AAPL, FB) and I think that there are weaknesses. So it is no longer a bullish structure.
