ES: Rallying As Expected

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$ES #ES_mini #trading setup #Elliott Wave

Yesterday I shared a bullish setup

and concluded:

…”That scenario allows bulls to start a new rally targeting 4,320 – 4,340. To trigger that scenario bulls need to push over resistance 4,281.50.”

ES 30 min chart

I post many intraday updates for members of my Premium Chat room. For example, I posted this update at 2-35 PM yesterday:

ES-30 min chart, updates at 2-35PM EST on Thursday, June 8, 2023

I noted: …”ideally the next push up should make a triple top at 4305 and complete the subwave -a- of wave -v- up. And then we may get a flat a-b-c consolidation in a subwave -b- down of the wave -v- up.”

Then ES-mini spiked over 4,300 right before open and turned down as expected:

ES-mini 30 min chart at 3-57 PM EST.

This morning I posted the first update at 8-14 AM EST showing that price produced the expected a-b- don pullback:

ES-mini 30 min chart posted at 8-17 AM EST

I reiterated my bullish forecast:

…”Overnight bears played the whole a-b-c move down. That could be all of the corrective wave -b- down. Note how ES nicely tested the Green Demand Zone and popped back up to 4,300, testing it for the fourth time. By now that resistance is no longer a strong barrier for bulls.”

This is how that chart looks now:

ES-30 min chart updated at 10-13 AM EST

Note that this time price sliced through 4,300 resistance without any hesitation, as we predicted.

You can get access to frequent updates of ES-mini posted in my chat room by switching to this plan.

Now let’s zoom out and discuss why 4,339 is such an important resistance level and a magnet for bulls:

ES-mini 240 min chart

4,339 is a very important target because this is where price will finally tag the minimum required 76.4% ext of a subwave -w- of a large wave (y) up. That level keeps working as a magnet. Until that level is tagged bears do not have much chance for a reversal.

In the next update I will explain why I really like Wyckoff distribution pattern.

This is how it looks like:

As long as bulls hold ES over 4,300 they can keep pushing it higher up to 4,340 or even higher.

Bears should patiently wait for ES to drop back under 4,300 and then for a failed attempt of bulls to push ES back over 4,300 resistance. That would be a strong confirmation on a bearish reversal.

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