ES-mini: Bulls Violated the Critical Resistance

  • CastAwayTrader
  • October 14, 2022
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To confirm completion of the rally, bears need to push ES back under the June low = 3,655.75:

ES-mini, 120 min chart “Bearish scenario”

In contrast, if bulls manage to push ES over 3,718 (66.7% retracement of the preceding decline) that bearish count would become questionable to say the least.

The Bullish alternative count:

ES-120 min, “Bullish” count

Bulls have broken out over 3,718, and the bearish count got severely damaged. Under the Bullish count bulls can push ES at the very least to 3,755 (100% ext of subwave a up). But the rally may extend up to 3,850 or even 3,925. That rally would complete the a up, b down, c up (blue labels) corrective structure and set the stage for another big move down to fresh lows.

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