As most of you know, I like to wait for confirmation that a trend change has occurred before placing my money at risk. The updated chart above shows that a five wave decline has occurred that should lead to a three wave advance.. a counter trend move. Note that I'm not calling the top for the year here, just a potential trade set up. For more detailed insight on the ES_F current market position click here. For today, I'm looking to identify the termination point of the wave B trigger to go short the market. I'm initially looking for failures surrounding 1317, the .5 retracement of the most recent decline from 1343 to 129250.
I have found that trading waves 3,5, and wave C are the best waves to trade... each are set up by the "trigger waves" of 2,4 and wave B.
Looking at the five minute chart level, w.c = w.a at 1318. So 1317-1318 is agreement. That's my area to enter the market and ride the trend in w.iii circle down.
Best Of Trading
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