Thesis for the 4th Quarter
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. It is in my opinion that price hangs around that area til end of the year. Lets say if price does not hang around that area and pull back 2nd week in December for FOMC 12/14/2022. That would mean top of the year will push price up, and we continue the bullish thesis. This is just a projection and not set in stone, as price action can change. This information will be monitored and updated as needed.
Why does this matter? and Why you should keep these levels in mind?
- Look at the lowest retest level, if market is to “crash” then those levels are important. It will help you not to think so far in advance looking for a new low on the market.
- Any pullback would first retest those major levels $3734.25 is the lowest level the market would need to break before pushing lower
“It is in my opinion, the market will not see a new low until end of March, beginning of April 2023”
12 Month retest area $4155.25-$4309.25
*only if price doesn't create a new high or low by end of year
6 Month test area $3914.75-$3817.25
3 Month potential retest area- $3806-$3734.25
Monthly retest area 3899-3853
