SPX Game for the liquidation DownSPX key references are the pre markets lows 3210.
If we break below we should be open to test 3195 and further below to 3155;s is on,
Entire view invalidated for a move an hold above the 3245s.
Game for this move?
Es_f
ES intraday price action probabilities for 22 Sep 2020This is my expected (predicted) price action. It states 33% up and 66% down and it's valid only until end of the day.
Let's see how is that going to work.
Disclaimer: This is not financial or investment advice
Stay healthy, trade safe.
Atilla Yurtseven
S&P 500 E mini Futures (ES) Correction In ProgressElliott Wave View of S&P 500 E-mini Futures (ES) suggests the Index ended the cycle from June 15 low as wave ((3)) at 3587 high. From there, Index has extended lower to correct that cycle. The correction is unfolding as a double three Elliott Wave Structure. Down from wave ((3)) high, wave W ended at 3347.75 low. Wave X bounce ended at 3453.25 high. Index then resumed lower in wave Y, which ended at 3295.50 low. This also ended wave (W) in higher degree. Afterwards, Index bounced higher in wave (X). The subdivision unfolded as a flat correction, where wave A ended at 3424.25 high and wave B ended at 3298.25 low. The rally higher in wave C ended at 3419.21 high, which also ended wave (X) in the higher degree.
Since then, Index has resumed lower in wave W, which ended at 3217.75 low. The decline broke below previous wave (W) low, confirming that next leg lower in wave (Y) has already started. Currently, Index is doing a bounce in wave X, which will be followed by push lower in wave Y to end wave (Y) in higher degree. While below 3419.21 high, bounce in 3,7 or 11 swings is expected to fail for more downside. The 100-161.8% extension area of wave (W)-(X) where wave (Y) can potentially end is at 2945.50-3126.66. If reached, that area should see buyers appear to resume the rally or 3 waves bounce at least.
DXY Pivot Zone$DXY Current price: $93.27 . Target price: $90.5 . Stop price: $93.52. Great that this is a strong long zone for equities and commodities. Much more comfort if $DXY is below $93.20,
but still highly likely just more risky at current price. If stop is taken out interest is cut to 0 in any play against the dollar. If this count is accurate I'd expect Gold/Silver + Tech to be biggest gainers. With 0 interest rates and on interest to raise them, a stim bill pass in very near future would make this count more likely. If no action is taken and economy recovers with no pullbacks that would most likely hurt the probability.
Nearterm outlook on $SPX $SPX $ES_FConsidering the Thursday/Friday price action as an impulse wave to the downside
Walmart Final Motive Wave $WMTWalmart current price: $142.83, entry price: $135.42 , stop price: $132.50, target price: $161.80. Seeing an incredible risk reward ratio setup with high probability in my opinion. I have little interest in shorting unless I can get puts around $147. Expecting powerful final 5th wave, of the 5th wave diagonal, of the extended 5th wave of this 5 year bull rally of WMT. Most optimized play would probably be $165 calls with Jan '21 expiration.
Nasdaq Futures MeltupLast week Nasdaq rejected breakdown out of rising wedge and went vertical breaking massive 11800 resistance. This type of short squeeze is the exact type of action that most should be terrified to play against until confirmation of reversal arrives. Simple setup to capitalize on this strength, target : 12.4k. Stop/short entry : 11.96k. Critical resistance of 12020 should be taken out into likely massive next wave of short squeeze before Monday open. Feeling highly confident about this one, but still not overexposing myself. Holding some safe positions + a couple lotto calls to maximize gains if target is hit within next 24-48 hours. $ES_F $SPX $NDX $SPY $AAPL $AMZN $MSFT $ZM
6.26 ES1! Wave CountShort and Intermediate-term long. Long term short, could see a fall back to low 2000s by end of the year of the beginning of the year.
MACD is still positive, Moving Averages are still stacked.
ES: Ripe for a pullbackES has ramped higher since the March lows but we are currently hitting an inflection point. We have closed the initial gap from the decline earlier this year and there is negative divergence on the daily RSI. This is a good R/R short.
Trend Remains Up in the S&P500Hard to be bearish the S&P500. After a false breakout in Feb above the 261.8 Fib ext from the 07-08 high/low, price just reclaimed the breakout level with a big green monthly candle, closing w/ the highest monthly close ever. The trend remains up and to the right. $SPY $ES_F $SPX
S&P 500 E-Mini Futures (ES_F) Correction in progressElliott Wave View in S&P 500 E-mini Futures (ES_F) suggests the rally from 6.15.2020 low has ended at 3226.25 high as wave (1). Up from 6.15.2020 low, wave 1 ended at 3156.25 high and wave 2 dips ended at 2982.72 low. Index then extended higher in wave 3 towards 3184 high. The internal subdivision of wave 3 unfolded as 5 waves impulse Elliott Wave Structure. Wave ((i)) of 3 ended at 3021 high and wave ((ii)) pullback ended at 2988.50 low. Rally higher in wave ((iii)) then ended at 3156.50 high, followed by wave ((iv)) pullback which ended at 3105.75. Wave ((v)) then extended higher and ended at 3184 high.
Wave 4 pullback then unfolded as a zig-zag Elliott Wave structure and ended at 3105.25 low. Finally, wave 5 higher ended at 3226.25 high. This final move completed wave (1) in higher degree and ended cycle from 6.15.2020 low. Index is currently correcting that cycle within wave (2). The correction is unfolding as a zigzag structure where wave A ended at 3190 low. Currently, wave B remains in progress and will be followed by another leg lower in wave C. While pullback stays above 2982.72 low, expect the dips in 3,7 or 11 swings to find support for more upside.
Futures headed towards 290'sA. After the huge dip recovery we see $ES_F, holding 200MA on each dip.
B. We see the MA's converging and $ES_F honouring the wedge real nice.
C. Markets trending sidelines and no real strength left.
D. Banking flushed after the news yesterday (fed-puts-restrictions-on-bank-dividends-after-test-finds-some-banks-could-be-stressed-in-pandemic)
E. Major segments taking an hit , one after the other.
F. Tech's holding the bullish trend.
What can we expect?
a. Break of 200MA and downtrend towards 61.8 (2939)
b. Consolidation at 290's levels.
c. Reclaim of 200MA before we see more flush.
Nasty fall after failed breakout of 3150s, next stop 3030 and 3kshort side getting a party up in here.
cases in texas and florida skyrocketing.
