$ES #ES #trading setup #Elliott Wave #trading strategy
If we look at a macro 240 min chart we can see a three wave up move that looks like a corrective pullback:
The move up off the mid August low has been following a corrective -w- up, -x- down, -y- up structure:
That corrective -w-x-y- structure off the Aug low has made enough micro waves to be considered completed.
The previous Aug high made by wave -w- up at 4,485.50 turned into the main support now. If bears push ES down to that line that would be a critical battleground. Break under that line triggers a short “faild breakout” setup, a setup liked by algos.