ES: This Pullback is Setting the Stage for a Rally Over 4,200

$ES #ES-mini futures #trading setup

The rule of the Elliott Wave traders club is: an a-b-c move down that stops at 50% retracement fib (that follows a push to fresh highs) is a buy setup.

If we get an a-b-c move down into the upper Green Box that would be an attractive long setup to ride a rally in a wave -c- up that can stretch to 4,250 or higher. If we get a straight drop into the upper green box that would not be an attractive long setup.

From the perspective of the Month Opening Range strategy the best scenario for bulls is a two day pullback on the second and the third trading days of a new month (meaning today and tomorrow).

Daily resistance for Tuesday is 4,193.75.

The Daily support is 4,143.75.

Chances are ES will spend a day today inside that range.

Gann’s Analysis: SPX: Note that S&P stopped at the Gann’s level, 540 degrees up or 1.5 cycles up off the March low:

Quite often the market first respects a Gann’s level, but then it overshoots/undershoots it creating imbalance that then gets resulted in a strong counter trend move back under/over that Gann’s level:

This is how SPX interacted with 270 degrees up off the March low in March an this is how SPX reacted to support of the 360 degrees up off the March low when it dropped to that level in late April.

if you have access to my Gann’s Levels indicator for TradingView you can open this shared layout:

https://www.tradingview.com/chart/oFJWy6y7/?symbol=AMEX%3ASPY

Read more about my Gann’s Levels indicator for TradingView:

Subscribe to Free Updates

Get Unlimited Access

More To Explore

$ES: Are You Ready for a Bulls’ Trap?

$ES #ES #trading setup #bulls trap The macro bullish count argues for ES-mini to top somewhere around 4,660 after kissing that red trend line. Its safe to predict that they will play a fake breakout

CastAwayTrader November 30, 2023

$NQ: Bullish Setup for Another Push Higher

$NQ #NQ-mini #trading setup 15 min chart of NQ-mini futures looks very bullish: In the yellow box you can see a clean corrective -w-x-y- down structure that looks complete. The straightforward way to count is

CastAwayTrader November 30, 2023

Important Disclaimer

CastAway Trader LLC, the publisher of this web-site and videos is not registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. Users of the website www.castawaytrader.com and viewers of the videos are advised that all information presented on the website is solely for informational purposes, is not intended to be used as a personalized investment recommendation, and is not attuned to any specific portfolio or to any user’s particular investment needs or objectives.

Trading stocks, options, or futures carries a high level of risk, and may not be suitable for all investors. Before deciding to trade, you should carefully consider your objectives, financial situation, needs and level of experience. CastAway Trader LLC provides general overview of trading methods that does not take into account your objectives, financial situation or needs. The content of this website must not be construed as personal advice. All trading setups and/or trades presented in the web site and/or trading chat room by CastAway Trader an/or by other members of the chat should be considered hypothetical for educational purposes only and should not be expected to be replicated in a live trading account.

An investor could potentially lose all or more than the initial investment. You should not speculate with capital that you cannot afford to lose. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style.

You should be aware of all the risks associated with trading. You should seek advice from an independent financial advisor.

Any information posted on this web site is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of the website must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. All opinions, analyses and information posted on the website are based on sources believed to be reliable and written in good faith, but should be independently verified, and no representation or warranty of any kind, express or implied, is made, including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, CastAwayTrader LLC and its officers and employees undertake no responsibility to notify such opinions, analyses or information or to keep such opinions, analyses or information current. Also be aware that the owners, officers and employees of the web site www.castawaytrader.com may have long or short positions in securities that may be discussed on the website, Premium Trading Chat room and/or in the videos posted by CastAway Trader LLC.

Past results are not indicative of future profits.