$ES #ES-mini futures #trading setup
The macro count remains unchanged. Yesterday and today bulls pushed ES deep into the Red Box. Today we got a strong rejection. Bears pushed ES down out of the red box.
Note that the rally has been shaped as a bearish wedge. A break under its lower edge would result in a strong decline down to Oct’22 low.
Moreover, we got a bearish 2-close bearish reversal. Today ES-mini made a higher high but closed a day UNDER close prices of two preceding days.
On a micro scale we can see a clean completed -w-x-y- up strcuture:
In conclusion, bears have a setup to push ES-mini down to 3,800 and violate the Dec’22 low.
The micro resistance is 3,908. This bearish setup is valid as long as bears hold ES under that level.