Hi Everybody,
OK, let’s start with the larger degree trend on the 15min ES yesterday. As you can see, the 15min ES made a low right at WPT support. This was a similar situation to a few days ago, where we had reached a Wave 3 target, so while I do not suggest trading “against” a Wave 3 on that time frame, on the “shorter time frame” a counter trend swing usually unfolds, and that is what we look to catch on the shorter, 3 and 5min Charts.
OK, so now we have established that the 15min trade was up off this WPT support zone, let move down to the 3min ES Chart
Thanks
Steve
OK, let’s start with the larger degree trend on the 15min ES yesterday. As you can see, the 15min ES made a low right at WPT support. This was a similar situation to a few days ago, where we had reached a Wave 3 target, so while I do not suggest trading “against” a Wave 3 on that time frame, on the “shorter time frame” a counter trend swing usually unfolds, and that is what we look to catch on the shorter, 3 and 5min Charts.
OK, so now we have established that the 15min trade was up off this WPT support zone, let move down to the 3min ES Chart
Thanks
Steve
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