$ES: Keeps Following the Corrective a-b-c up Path Nicely

  • CastAwayTrader
  • August 23, 2023
<<< Back to All Updates
<<< Macro Updates

$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:

ES-mini 240 min chart

In my Premium Chat room I shared this micro path on a 15 min chart:

ES-15 min chart posted at 3-42 Pm on 22 Aug 2023

This is how that chart looks like now:

ES-15 min chart

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:

ES-mini 240 min chart

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.

BONUS:

Note how the 55 Hull MA turned up strongly on 240 min chart (it turned to green from red):

ES-mini 240 min chart

Not that green Hull MA will be working as a support (that Hull 55 MA is currently located at 4,383.50).

Subscribe to Free Updates

Get Unlimited Access

PrevPrevious$ES: Consolidation Should Take More Time
Next$NQ: Bulls Keep Pushing Higher as ExpectedNext

More To Explore

$NQ: Approached the Major Crossroads

$NQ #Conflicting Scenarios #Elliott Wave The Nasdaq (NQ) is tracing a structure that closely resembles that of the ES-mini (discussed

CastAwayTrader May 19, 2025

$ES: Bears Will Get Active Again

$ES #ES-mini #Elliott Wave #trading setup It’s always easy to recognize a completed five-wave rally after the fact.But in real

CastAwayTrader May 18, 2025

Important Disclaimer

CastAway Trader LLC, the publisher of this web-site and videos is not registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. Users of the website www.castawaytrader.com and viewers of the videos are advised that all information presented on the website is solely for informational purposes, is not intended to be used as a personalized investment recommendation, and is not attuned to any specific portfolio or to any user’s particular investment needs or objectives.

Trading stocks, options, or futures carries a high level of risk, and may not be suitable for all investors. Before deciding to trade, you should carefully consider your objectives, financial situation, needs and level of experience. CastAway Trader LLC provides general overview of trading methods that does not take into account your objectives, financial situation or needs. The content of this website must not be construed as personal advice. All trading setups and/or trades presented in the web site and/or trading chat room by CastAway Trader an/or by other members of the chat should be considered hypothetical for educational purposes only and should not be expected to be replicated in a live trading account.

An investor could potentially lose all or more than the initial investment. You should not speculate with capital that you cannot afford to lose. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style.

You should be aware of all the risks associated with trading. You should seek advice from an independent financial advisor.

Any information posted on this web site is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of the website must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. All opinions, analyses and information posted on the website are based on sources believed to be reliable and written in good faith, but should be independently verified, and no representation or warranty of any kind, express or implied, is made, including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, CastAwayTrader LLC and its officers and employees undertake no responsibility to notify such opinions, analyses or information or to keep such opinions, analyses or information current. Also be aware that the owners, officers and employees of the web site www.castawaytrader.com may have long or short positions in securities that may be discussed on the website, Premium Trading Chat room and/or in the videos posted by CastAway Trader LLC.

Past results are not indicative of future profits.

Subscribe to Free Updates

Get Unlimited Access