$ES #ES #trading setup #Elliott Wave #breakdown #acceleration
In the first morning update morning I noted:
“Break under 4,224 would bury that bullish potential and most likely trigger a breakdown scenario arguing for decline down to 4,145”.
In the afternoon update I reaffirmed that bearish expectations:
“Bears broke under 4,221 support and confirmed this bearish path towards 4,160-4,150 target”.
On a macro scale ES-mini has been following the most bearish scenario:
But even under the Most Bearish scenario we should not expect bears to drop down to 3,800.
ES is approaching a confluence of several levels that should allow bulls to find some ground and produce a bounce. 4,162 is a strong support. 4,172 is 50% retracement of the whole rally off the Oct’22 low.
Moreover, 4,161 is a confluence of two Gann’s levels:
If ES-mini finds support at 4,160 – 4,145 we should get a bounce back in a wave (b) up to 4,274 – 4,280.