$ES #ES-mini #trading setup #Elliott Wave
Yesterday I correctly predicted a bullish bounce triggered by a micro bullish Head and Shoulders pattern:
We got that bounce:
Here we have two conflicting patterns. A macro bearish Head and Shoulders vs a micro bullish inverted Head and Shoulders.
This is how the macro bearish Head and Shoulders look like (Sep’23 contract):
Note how bulls attacked the macro red supply zone this morning but failed to get over it:
At the same time the micro bullish head and shoulders structure allow bulls to push higher:
This is how Gann’s projections look like off the recent lows:
- the macro outlook is bearish, but
- bears can push this bounce higher to 4,560 (Dec’23 contract).