ES: Made a Vicious Short Covering Rally as We Predicted

  • CastAwayTrader
  • March 16, 2023
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$ES #ES mini futures #tradig setup #short covering rally #short squeeze

On March 13th I issued a report called “ES: Time Comes For A Vicious Short Covering Rally”.

This is an expected bullish path I shared back then:

ES-mini Daily chart updated on March 13th.

Below is the updated daily chart o ES-mini:

ES-mini Daily chart

I believe this move up is a corrective bounce that should be followed by another leg down.

Now let’s zoom-in to a 30 min chart:

ES-mini 30 min chart

We got a very clean -w-x-y- up bounce into resistance of 500 MA on 30 min. 3,997 is 100% ext of the first leg up labelled -w- up. Bears got a decent short setup for a bearish turn around and for a start of a new leg down.

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