$ES #trading setup
Yesterday ES mini closed a day on a bullish note. It finally broke out over 4,150.
This is what I wrote to subscribers of my Premium chat room at 9-39 PM yesterday:
- ES: Daily Resistance for Thursday is 4,170
- ES: Daily Support for Thursday is 4,103.75
- basically bulls have to break over 4,170 overnight and then re-test it from above in the morning. That would be a setup for a melt up targeting 4,200+.
- 4,150 is the first support (the breakout level).
- Break back under 4,150 would be a huge warning for bulls.
Then ES-mini stopped at 4,170, turned down and broke back under 4,150 invalidating the bullish scenario. Then it slightly undercut 4,103.75, the daily support, reclaimed it and rally by 45 points.
This is how bulls can consider this decline:
As long as bulls hold ES over 4,060 they will keep that bullish scenario alive and will be able to push ES over 4,200 in the final subwave -c- up.
To invalidate that bullish scenario bears need to violate that 4,060 level: