The Structure on Futures

The S&P futures has taken the look of a broadening formation. In this rally, it appears to have initiated its move off the low with a 3-wave structure (the green A). There is a fib relationship at the high where it is at now. It has also now taken out the prior high, but it will remain to be seen whether that was simply to clear any stops.


Regardless of whether this is a new bullish cycle, or a countertrend rally before a new low is made later, this should get a retracement of some kind (partial if bullish, total if bearish). My intentions on the open are to close my call hedges, leave the rest, and see what structure develops on the cash session and what kind of wave balance it available on cash.

If you enjoyed this article and are not already a member, consider becoming one via Patreon for access to these articles in their entirety when they are first published, Discord chatroom access during the trading session and more.

And if you have a moment, please like and share this article on social media.
Become a patron at Patreon!