Market Analysis for Dec 30th, 2021

It's great to close out the year on a bang! 😎 

We crushed the recent train rides via the recent Dec 20 swing lows + shared generously a bunch of bonus setups after suffering some drawdown in early Dec

A total of 17 out of 17 train rides, now all establishing daily higher lows + higher highs structure (many more setups if you've been riding along YTD)

Enjoy your holidays comrades and we'll grow more together in 2022. Catch you on the next train in the New Year. 

Note: will be mostly on mobile rest of today and tomorrow🚄 

Position Updates

1. ES swing long from ES 4522 (Dec 20th entry) with 25% size remaining, trailing stop upgraded = ES 4765

  • ES Partial Exits = 50% at 4722, 25% at 4782 

Bonus section:

2. Swing long from NQ 15500 (Dec 20th entry) with 25% size remaining, trailing stop upgraded = NQ 16380

  • NQ Partial Exits = 25% at 16300, 25% 16538, 25% 16530 

3. Scalp long from NQ 16425 (Dec 29th), trailing stop upgraded = NQ 16440

4. I may update the LIS (line in sand) stoplosses for the bonus stocks after this Friday's weekly/monthly/yearly closing print. Waiting for more price discovery

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EOY expectations unchanged from yesterday's thread, just a slow grind up structure until support breaks. Current price = ES 4790, NQ 16530

Running some quick calculations, presuming the incoming supports form higher lows into end of year

The EOY closing print range is estimated to be within the zones of ES 4800-4850, NQ 16600-16880

Roughly ES +0.50-1.5% and NQ +1%-2.7% from current prices of ES 4777s/NQ 16420s

https://www.elliottwavetrader.net/trading-room/post/7482254

Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.