$ES #ES-mini #trading setup #Elliott Wave
Yesterday I posted a bullish micro path leading higher to 4,325.
This is how that scenario looks like this morning:
The most obvious path for bulls would be to produce one more push higher in a micro wave v up. However, ES has been meandering the whole night. I consider that a slightly bearish sign. The minor support is 4,274.75. It got tested five times since yesterday and its strength should be depleted. That bullish micro setup arguing for a direct rally to a higher high will be valid as long as bulls hold ES over that first micro support 4,275.
Alternatively, if bulls fail to defend the 4,275 support price may come back to to 4,250sh to re-test the broken trendline connecting three highs made in May (now that broken resistance turns into a support).
SPY started to trade with a gap up on Friday, June 2nd. Now that unfilled gap up should work as a major support. The upper edge of the unfilled gap up is 424.37. The lower edge of the gap up = 422.90. For ES-mini that level is 4,253 (the morning low made on June 2nd). This is what makes me think that level is a very strong support.
Zooming-out to a 240 min chart:
In conclusion:
The ideal scenario for bulls would be another push higher into the Red Box. Alternatively, if bulls fail to defend the 4,275 support price may come back to to 4,250sh to re-test the broken trendline connecting three highs made in May (now that broken resistance turns into a support) and then push higher.