$ES: We Nailed the Overnight High. Price Dropped to he Green Box

  • CastAwayTrader
  • August 4, 2023
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$ES #ES-mini #trading setup #Elliott Wave

ES-mini follows the path posted in the evening update:

ES-mini 30 min chart posted on Aug 3, 2023

In the evening update I noted:

…“Note that 4,544 used to be the target 1 for the drop, a support that failed. Now that same level works as a strong resistance.”

ES topped at 4,547 overnight and turned down as expected.

It has approached the Green Box pre-market.

The encouraging sign for bulls is that the overnight decline has a clean a-b-c micro structure, an attribute of a corrective wave -b- down.

If bulls manage to stop that decline in the Green Box they will be able to start a strong impulsive five wave up rally in a wave -c- up targeting the Red Target Box.

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