ES: A Spike Down on FOMC Will be a Long Opportunity

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$ES #es-mini futures #trading setup

The big idea behind the bullish expectations is that to complete the corrective (w) up, (x) down (y) up structure, bulls should push (y) up to the minimum required 76.4% ext of wave (w) up = 4,254:

ES-mini 240 min chart

To break neck of this bullish structure bears need to violate the immediate support 3,963. Break of that level even with a spike would open the door for decline to retest the October 2022 lows.

However, as long as bulls hold ES over 3,963 we can expect a slow grind higher that could last 1-2 weeks.

ES-mini 30 min chart

The main risk for bulls on a micro scale is that the structureless move up we got yesterday was a false start, a corrective subwave b up that can be followed by a spike down (making a higher low) triggered by FOMC event this afternoon.

But in that case even if we get a spike down, as long as it stays over theimmediate support 3,963 such a spike down will most likely be followed by a bullish reversal and a new stronger leg up.

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$ES: Two Path Leading to 6,000

$ES #ES-mini #Elliott Wave I have been tracking two scenarios and both allow bulls to push ES-mini to 6,000. Let’s

CastAwayTrader September 13, 2024

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