$ES: A Fake Breakout Setup Can Trigger an Overdue Pullback

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$ES #ES-mini #trading setup

This is the ideal scenario for Friday – Monday:

ES-mini 15 min chart

The key resistance is 4,607.75. That is the Monthly resistance for December.

What bears need is a fake breakout setup. The most important rule of a contrarian trader is “Strong moves result from failed moves.”

Tomorrow we may get a volatile day resulted from labor data to be released at 8-30 AM EST.

We can get the first move down into the green box.

If bulls manage to stop that drop over 4,560 bulls will secure a great long setup for the final exhaustive spike higher in the subwave -c -of wave -v- up.

The minimum target is 4,629. But the spike up can extend to 4,640.

If that get that emotional spike up tomorrow I would be waiting for bears to push ES back under 4,607. Break back under 4,607 would most likely be followed by a decline down to 4,570 and then to 4,540.

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