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.
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.
Toward the end of last week, the session was a consolidation as expected given the +3% V-shape bounce from 3740 into 3850s new all-time highs in the E-mini S&P 500 (ES), reports Ricky Wen of ElliottWaveTrader.net.
Monday was a "gap-up-and-go" session that did not look back in the rearview mirror as price action was able to decisively break above 3500s on the Emini S&P 500 (ES). This is the 78.6% retracement of the entire drop (3587-3198), reports Ricky Wen of ElliottWaveTrader.net.