$ES #ES-mini #trading setup #a-b-c up #Elliott Wave
Yesterday I shared an expected path for continuation of the corrective a-b-c up bounce off the low made last Friday:
In my Premium Chat room I shared this micro path on a 15 min chart:
This is how that chart looks like now:
As long as bulls hold ES over 4,371 that consolidation looks bullish because it is building a flat base for another push higher in the second leg up off the Friday morning low.
Now let’s zoom out to a 240 min chart to see a bigger picture:
I think ES-mini keeps working on a large corrective –a up, -b- down, -c- up corrective structure in a wave B up targeting the Red Box. In the previous report I explained that such a rally would complete the Right shoulder of macro bearish “head and shoulders” reversal pattern.
Note how the 55 Hull MA turned up strongly on 240 min chart (it turned to green from red):
Not that green Hull MA will be working as a support (that Hull 55 MA is currently located at 4,383.50).