$ES: Bulls Produced a Bounce We Expected. Has it Topped?

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

Yesterday I correctly predicted a bullish bounce triggered by a micro bullish Head and Shoulders pattern:

ESZ23, 15 min chart shared on Sep 7th, 2023

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):

ES-mini 240 min chart (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:

To trigger another leg up bulls need to push ESZ23 over the morning high made at 4,526.75.

This is how Gann’s projections look like off the recent lows:

Note the morning rally stopped right at the Gann’s level, 45 degrees off the low. If bulls manage to break over that level they will be able to push ESZ23 up to 4,559, the next Gann’s level of resistance. That forecasting method gives us a similar target to what can be derived from projecting the inverse bullish Head and Shoulders pattern.

In conclusion:

the macro outlook is bearish, but

bears can push this bounce higher to 4,560 (Dec’23 contract).

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