$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.
Two other scenarios, the Running Flat one and the Ending Diagonal one allow bears to produce a much deeper pullback.
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.