$ES: Consolidation Should Take More Time

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

Yesterday I shared a micro forecast for a micro rally targeting 4,418 – 4,435. We got that rally and today ES-mini topped at 4,440.

Let’s update two macro scenarios we have been watching.

(i) Bearish scenario:

ES-mini 240 min chart

Bears believe that the two day bounce was a corrective wave iv up. They expect that move to extend lower in a micro wave v down.

(ii) Bullish scenario:

ES-mini 240 min chart

I favor that bullish scenario for several reasons. First it hit the major demand zone. Second, we got a major capitulation needed for a long term bottom. I think test of that major demand zone shoudl produce a bigger -a- up, -b- down, -c- up bounce than what we already got.

Ideally, I would like that bounce to spend more time and I would expect another leg up (the green line) that would push ES-mini up to 4,470 – 4,494. Such a rally would complete the Right shoulder of a macro bearish Head and Shoulders reversal pattern.

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$ES: Keeps Climbing as Expected

$ES #ES-mini #Elliott Waves As we expected in the Weekend Update posted on Sunday morning, a break back over the

CastAwayTrader March 24, 2025

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