Hello fellow traders,
As our members know we have had many profitable trading setups in Indies recently. In this technical article, we are going to present another Elliott Wave trading setup we got in SPX E-Mini ( ES_F ) . The futures has extended pull back, giving us another buying opportunity. ES_F completed this correction precisely at the Equal Legs zone, referred to as the Blue Box Area. In the following sections, we will delve into the specifics of the Elliott Wave pattern observed and discuss the corresponding trading setup in detail.
ES_F Elliott Wave 1 Hour Chart 07.24.2024
Current view suggests ES_F are undergoing 4 red correction. The price shows incomplete lower low sequences from the peak, suggesting potentially more downside in near term. We expect to see extension toward extreme zone at 5449.69-5338.52 where we would like to be buyers again.
We recommend members to avoid selling ES_F . As the main trend remains bullish, we anticipate at least a 3-wave bounce from this Blue Box area. Once the price touches the 50 fibs against the ((b)) black connector, we’ll make positions risk-free and set the stop loss at breakeven and book partial profits. Breaking below the 1.618 Fibonacci extension level at 5338.5 would invalidate the trade.
Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.
Quick reminder on how to trade our charts :
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. 🚫
ES_F Elliott Wave 1 Hour Asia Chart 07.24.2024
The futures has made extension down toward Blue Box and found buyers as expected. ES_F is showing a decent bounce from the Buying Zone. We count the pullback 4 red as completed at the 5433.99 low. Consequently, long positions should now be risk-free. We’ve set our stop loss at breakeven and have already secured partial profits. Now, we would like to see a break of the 3 red peak to confirm that the next leg up is in progress. Alternatively, if the price breaks below 5433.99 low, the futures will open up the possibility for a deeper pullback. In that case, long positions will be stopped out at BE, and we will look to buy the dips again at the next set of equal legs.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts with target levels 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
New to Elliott Wave ? Check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.
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