$ES: Bulls Defended Support and Opened a Door for a Rally

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$ES #ES-mini #trading setup #Elliott Wave

In my yesterday update I noted that the ES-mini futures could rally to 4,460 by following two different paths.

“Under that bullish wave count the rally on Tuesday was a micro wave i up followed by an overnight decline in a wave ii down. If bulls manage to hold a support at 4,403, we can get another strong rally in a micro wave iii up targeting 4,460sh.“

This morning bulls managed to defend that 4,303 support:

ES-mini 240 min chart

Under the bullish count bulls have to keep pushing higher in a micro wave iii up targeting 4,468 – 4,470. That wave count require bulls to push ES overnight at least to 4,443 (a 76.4% ext of a micro wave i up).

If instead of pushing higher we will get a drop under the immediate support 4,424.75 that could be a sign that bulls are dropping the ball. That would be a warning sign for bulls.

A drop back under 4,401 would most likely mean ES is going to retest the recent low made at 4,368.50.

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$ES: Two Path Leading to 6,000

$ES #ES-mini #Elliott Wave I have been tracking two scenarios and both allow bulls to push ES-mini to 6,000. Let’s

CastAwayTrader September 13, 2024

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