ES: Bulls Have a Setup to Test 4,200

$ES #ES-mini #trading setup

The volatile CPI day did not change anything. We still have two bullish setups.

(1) The Very Bullish scenario:

Under the Very Bullish scenario bulls got a micro i up, ii down setup, a starting point for a large five wave up move:

(2) The Least Bullish primary scenario:

The Primary scenario allows bulls to push ES higher to make a new nominal higher high slightly over 4,200.

Long setup: a push over 4,170 would open the door for extension up to 4,206.

Short setup: a rally over 4,206.25, the May 2023 high followed by a drop back under 4,200 would trigger a short “failed breakout” setup.

The most tricky question is what level should be broken by bears to invalidate the bullish potential. I would say bears need to violate the low made at 4,112 made on Wednesday:

A break under 4,112 will most likely mean price will drop under 4,096 and may test the Yearly Support 4,035.

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