Thesis for the 2nd 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 tested the .50 last quarter, do we test the .618 this quarter?
So what's next and what can we expect?
- Price did a perfect test of the Quarterly .50 and bounced which is indicating a 22 Continuation up on the Quarter.
- The 22Up on the Quarter lines up with the Yearly .50/.618 retest area and price closed above the Yearly BF for the first time since January 2022
- Looking at the Monthly, we still have some ways to go.
- 2nd Quarter Price Target is $4309.25
6 month still inside $4327.50 is Trigger
- A solid weekly build over that yearly .50 now that we are over the Yearly BF would ensure we hit that .618
- Looking at the monthly price right that $4309.25 won't hit so easily as Price is at Double Quarter BF, so side ways action is looking real sure right now
Looking at NQ
12 Month retest area $13524.50-$14241.75
Price hasn't hit that yearly .50 retrace which gave me the indication we still bullish.
So what's next and what can we expect?
- Price did a perfect test of the last Quarterly .50 and bounced which is indicating a 22 Continuation up on the Quarter.
- The 22Up on the Quarter lines up with the Yearly .50/.618 retest area.
- Monthly printed a outside bar which is a clear reversal signal.
- 2nd Quarter Price Target is $13740.75
6 month still inside $13740.75 is Trigger
