ES meets January Elliot Wave Correction

11 Jan

An Elliott Wave combination correction is a complex corrective pattern in Elliott Wave Theory, typically formed when simpler corrective patterns combine to create a larger, more intricate structure. It consists of two or three corrective waves labeled W, X, Y.

Combination corrections aim to extend and complicate the corrective phase, often seen in sideways or consolidative price action. They provide a way for markets to consume time and create balance before resuming the primary trend.

Key Characteristics:

The larger trend of the correction labelled as W,X,Y consists of 3 corrective wave structures being 1 flat, and 2 following zigzag structures.

Each major corrective structure ends with a 3 wave impulse move to the downside, followed by a 2 wave corrective structure before resuming the trend.

You can see more detail on EW theory related to elliot wave combination structures on the website: elliottwave.com/waveopedia/combinations/

What catches my attention for this up coming week is a potential end to the corrective structure on the ES (SP500 Futures), erasing all the markets gains made from Nov 5, 2024 onward. It would be an interesting location to look for potential long trades in the market.

11 Jan

Nota

With big news coming this week, we may have a potential catalyst to move the market as prices move into key demand zones.

The full schedule can be viewed online at: ig.com/uk/economic-calendar?source=dailyfx

11 Jan

Nota

Looking at this on the larger time frame, this last move down could be the final leg of the H&S breakdown here back to the November demand zone from the trump pump

13 Jan

Nota

Also aware of a potential wave 4 being put in after this relief rally today. Either way, we are looking for a total of 5 waves down into the support area

14 Jan

Nota

Looks like we are starting the final wave down here

15 Jan

Nota

This correction is likely done now as per my original EW count, and I will be looking for long trades

16 Jan

Nota

After the clear break of the structure, and putting in the original wave count, we now have a break and change of structure potentially in play. Buy zone would be above the following area.

This would only be bearish to me if we start to lose and close below the buy zone.

17 Jan

Nota

Looking for this impulse to take us to the 1.618 extension here for a wave 5, to then roll over and start a second wave higher.

21 Jan

Nota

Overall all EW count for the final leg

22 Jan

Nota

Approaching the target

22 Jan

Nota

Major Target hit, taking 80% of profits here, and remainder if we hit the 0.618.

I will re-evaluate the next EW count as the market provides more context

22 Jan

Nota

Something I just recently noticed is this potential zone where price may bounce from if we get an ABC correction following the recent rally. This would also form a bullish gartley pattern for a rotation back to the highs.

23 Jan

Nota

Looks like we may have a truncated fifth wave here possibly. Regardless, I will be hedging myself if we see a correction in the coming week.

23 Jan

Nota

The SPY did take the liquidity at the high today, potential island reversal from the previous gap up.

23 Jan

Nota

SFP at the 0.618

24 Jan

Nota

Nice retrace from the 0.618 Fib

25 Jan

Nota

In the instance that we do continue higher, I would also like to be aware of this scenario, where wave 3 hits the common target 1.618 fib, whilst wave 1 and wave 5 are equal in length. We do have an expanding flat proceeding the first wave, and we are potentially moving into a larger wave 3 after the current sideways / expanding flat correction.

This would still be a valid EW count.

25 Jan

Nota

Nasdaq showing similar price action, however there is a clearer ABC correction from friday's price action finding support at the common target 1-1 trend based fib.

If we do see a bounce next week, then I will likely place this count as the more probable scenario

26 Jan

Nota

currently futures opening up with a large gap down, original resistance zone providing resistance as planned for. Lots of important news this week, lets see how the market plans to react before building new positions

27 Jan

Nota

In these scenarios, I prefer to use the anchored VWAP as a basis for where price may find support from the most recent impulse. I was originally expecting the price to retest the 6000 zone, perhaps even wick below slightly before resuming the trend (if it will continue in the higher direction)

27 Jan

Nota

How I will be approaching the market going into CPI

27 Jan

Nota

Daily time frame

27 Jan

Nota

Right into the levels, waiting to see how market will react on the opening bell

27 Jan

Nota

Taking my long trades as planned, and so far we are getting a nice reaction

27 Jan

Nota

27 Jan

Nota

Elliot wave theory blows my mind

27 Jan

Nota

Daily close above the key critical support. I will be aware of a potential retest tomorrow

28 Jan

Nota

SPY hit the critical zone on cash New York open. Would like to see a squeeze here

28 Jan

Nota

Be aware of the resistance above us

28 Jan

Nota

Crucial to flip this VWAP into support to progress higher

28 Jan

Nota

So far going according to plan, CPI tomorrow. Lets see if the market has some more juice to squeeze

29 Jan

Nota

29 Jan

Nota

30 Jan

Nota

potentially curling up here. If this is the low of the second wave, perhaps we will start the next one extending to 1.618 an approx 3% move up.

30 Jan

Nota

Still held down by the supply zone above, bullish as long as we are trading above the vwaps

30 Jan

Nota

Triangle like price action, this current zone would be critical to flip and hold.

30 Jan

Nota

What might have completed a running flat like corrective structure here.

30 Jan

Nota

Nasdaq making more so an expanding flat. Either way, both may have begun the next leg up

31 Jan

Nota

Looking good

31 Jan

Nota

Something like this for the next leg up would be nice

2 Feb

Nota

ES and NQ gapping down overnight proving the current volatility is still there. Nasdaq may be giving us a clue that the correction is not quite over yet, forming a textbook Elliot wave combination structure. Looks like there will be volatility ahead.

3 Feb

Nota

4 Feb

Nota

ES holding the critical 6000 zone, for now....

youtube.com/watch?v=ZbSGbwt0pfY&ab_channel=MarzellCrypto

6 Feb

Nota

Looking like the ES may see another WXY correction same as the first

10 Feb

Nota

Waiting on this last drop, if the pivot is in today then I will be aware of the 1-1 extension. Currently we have a potential rejection zone at the 0.618

11 Feb

Nota

Adjusted the 1-1 for the recent top price action

11 Feb

Nota

Once more as the high kept being swept. Looking like the B wave of the larger pattern is forming an expanding flat, typical of a B wave in this overall EW count.

12 Feb

Nota

12 Feb

Nota

Correction should now be finished

15 Feb

Nota

Breakout of the triangle

21 Feb

Dagangan aktif

Here is the next opportunity to buy the VWAP after the first wave put in