Quote from apex82:
ES pulled back from area as stated in a hurry right to the buy zone. When everyone else was thinking the market was going to drop drop drop, i was buying. It then progressed to retest highs which was profit target 1 and 2. I now have a BE stop and will be holding for a homerun. Here is the scenario for tomorrow...
ES is now in wave 5, showing a possible completion in the 1403.75 area or 1407.50. I would like to pinpoint one over the other, but the odds are 50/50 for which area has the better odds due to price action data today. This 5 wave move is also completing in the area of a massive daily pivot which gives it increased strength. Another thing going for it is the lack of retesting yesterdays lows. I was expecting a double bottom to be put in place before a move like this. This makes the run more extended and overbought. I will be shorting the 1407.50 area on another account with a 1.5 stop with smaller size then normal. This is due because it is countertrend, market is coming off daily level support, and I know there is a shitload of stops above those highs that they are eager to run. Once again, this is a risk of 1.5 for a minimum profit target of 10pts+. A more conservative entry then a freight train entry would be to wait for the drop to happen off the level and then short a retest. Best case scenario is if the market opens in the sell area and starts selling off immediately, if not then a move up to the sell area within the first half hour would increase the trade as well. If this move is confirmed we will be putting in a massive double top on the daily charts and could get an extended move to the downside over the next week.
