Bears have tested the support 18,540 (see the blue line) six or seven times.
So far it has held but that support is no longer strong.
In the vast majority of cases a bounce of such a support that got tested so many times creates a bulls’ trap setup, a bounce that is followed by a strong drop under the support driven by forced liquidation of margin longs.
Note that bears are sitting on an attractive short (i) down, (ii) up setup that can deliver a drop in wave (iii) down targeting 14,500.
$NQ #NQ #trading setup #Elliott Wave #a-b-c bounce Two paths I will be watching for a corrective a-b-c- up bounce
$ES #ES-mini Yesterday Es dropped as expected but did not hit the target 2 = 5,973.50. Then we got a
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