Thesis for the 1st Quarter
As stated end of the year last year, ES yearly candle is an outside bar, January 2023 opens a new yearly candle. Test area on that outside candle is 4155.25-4309.25. I stated we would be bullish the first quarter of this year and here we are. So what's next and what can we expect?
12 Month retest area $4155.25-$4309.25
We are very close to testing that area as stated last year.
So what's next and what can we expect?
- Price did a perfect test of the Quarterly .50 and bounced which is indicating a potential 22 Reversal up on the Quarter.
- The potential 22Up on the Quarter lines up with the Yearly .50/.618 retest area however we need to build over that yearly BF on a lower time frame first.
- It doesn't matter if price gets above the Yearly BF, it only matters how the candle body close on a monthly to quarterly timeframe. Example would be the DXY(see video for more explanation on that)
- Looking at the Monthly, we still have some ways to go.
- Quarter Price Target is $4309.25
Monthly still inside and at the retest level.
- A solid weekly build over that .618 and over the yearly BF would ensure a retest of the yearly .50
- However as I am looking at price right now, it is occurring to me that we may stay inside this month as I stated in ES Monthly Outlook which creates that 212 up, we shall see.
