$ES #ES-mini #trading setup
In my previous update I noted:
!! Note that ES-mini has not tagged the strongest resistance for a subwave -b- up, 4,947, a negative 138.2% ext of the preceding pullback, the July – Oct 2023 move down yet. Therefore, bulls can make a slightly higher high to hit that level before rolling over.
So far ES-mini has made a high at 4,457.
In my Sunday weekend update I shared three paths. All those paths argued for ES/SPX to make higher highs later this year but all three argued for a pullback first. This is how those three different scenarios can be shown on one chart:
The first support is located at 4,800 – 4,750. Under the most bullish scenario this is where the upcoming pullback may bottom.
ES Daily support for Wed is 4,901.75
Bears need to break under 4,901.75 to turn the trend down.
ES Weekly support is 4,897.