$ES #ES-mini #trading setup
ES-mini keeps pushing higher moving along our bullish scenario.
The Bullish scenario considers the November rally as the subwave -c- of wave -i- up:
Bulls keep pushing ES-mii towards the high made in July’23:
Let’s zoom-in to a 30 min micro chart:
ES-mini has hit a 100% ext of the subwave -a- of wave -i- up = 4,689.
On a micro scale the rally looks having completed. Bears are sitting on a decent setup for a drop down to 4,600 – 4,570. Such a drop would be the first leg down, the subwave -a- of a corrective -a- down, -b- up, -c- down structure. We are going to get a catalyst this morning, the CPI data. It will be released at 8.30 AM EST.
Another catalyst is coming at 1-00 PM EST. This is when an auction for a US 30 year bonds will start. A weak auction for long term US treasury bonds stopped the rally on Oct 12, 2023.