$ES #ES #Month Opening Range #Elliott Wave #trading setup
Today ES-futures broke over the Monthly Resistance 4,797.50:
When price breaks over the high made during the first three trading days of a month that opens the door for a trending move up that can keep going until the mid month.
That move up follows the black bullish path we discussed yesterday:
To trigger the bearish red path bears had to break under 4,727.
Let’s zoom into the bullish path:
The Dec’23 rally failed to tag the large red box that started at 4,866 (a negative 123.6% ext of the Aug-Oct’23 decline).
Another way to predict where this rally may top is to add a negative -123.6% and -138.2% ext to the quick Jan’24 decline (look at the smaller red box).
That second set of negative projections returns the red target box in between of 4,874.75 – 4,895.50.
I expect this rally to stop at the smaller red box and then a large pullback in a subwave -c- of wave ( b ) down to start targeting 4,500.