*disclaimer: Not financial advice. This is my personal trade plan only. I am not qualified or licensed to advise anyone on their specific positions or trades, I am sharing my personal opinions only. Never make financial decisions based on any information on this site or any associated platforms. Always consult a professional for investment related advice and do your due diligence*
Overview:
These seemingly never ending grinds up that we’ve been seeing on $ES and $NQ are some of the toughest to count. There is a bit of vagueness surrounding the wave-degrees, but regardless I expect some form of healthy consolidation shortly. I will be watching the structure of this upcoming pullback to clear up any confusion regarding degree. $RTY appears to be setting up in a 1,2-1,2 formation. If this is the case, I will look to be heavily long (while managing risk properly) and hold on for several hundred points.
In short, bullish – but expecting some form of a correction later in the week/into next week
Setups:
Several setups developing, but many require some pullbacks first. I don’t want to force anything just yet, so I will be keeping my focus narrowed to the following setups while the bulk develop:
- Setup: 4-1,2
- Confluence: Demand
- Trigger: 15m Reversal from 4597-89
- Conditions: Structure down MUST be corrective
- Setup: A-a,b
- Confluence: Demand Zone
- Trigger: 15m Reversal from Fib/Demand zone
- Conditions: Must reverse between the .618 and bottom of demand zone
- Setup: 1,2 (or A,B)
- Confluence: Market alignment (watching for divergences to form)
- Trigger: 4H Reversal from GZ
- Conditions: Probably a few days early on this setup. Waiting for that drop below $88
- Setup: A,B
- Confluence: Fib confluence
- Trigger: 1H Reversal down
- Conditions: Must not break $127. *Caution with this setup*. Looking for confluence in the form of Algo divergence, $NQ weakness, etc.