Ricky Wen hosts the ES Trade Alerts service at ElliottWaveTrader.net, and also contributes his nightly KISS Report on the E-mini S&P 500 (ES) as well as educational posts to Avi Gilburt's Market Alerts service. Mr. Wen is a full time trader and mentor who has been trading professionally since 2009, focusing on stock options and the ES futures. He is known for his mastery of candlesticks trading, moving averages, chart patterns and feedback loops. Mr. Wen has also developed his own proprietary Hourly Extreme Oversold/Overbought signals.
Mid-week sessions played out as expected with a range. Price action backtested against our key level of trending support at 4185 on the Emini S&P 500 and produced an intraday higher low of the day setup, reports Ricky Wen of ElliottWaveTrader.net.
The E-mini S&P 500 closed earlier this week around 4140 with a little "stick save" from the intraday 4103.75 low. However, price action remained weak with a new nominal lower low, reports Ricky Wen of ElliottWaveTrader.net.
Wednesday and Thursday’s sessions were more of the same as it was another expected consolidation, reports Ricky Wen of ElliottWaveTrader.net.
The first part of the week’s action retraced all losses from Friday as the E-mini S&P 500 (ES) formed a double bottom during Sunday night at 3650 key level, reports Ricky Wen of ElliottWaveTrader.net.