$ES #ES-mini #trading setup #trading futures #Elliott Wave
Off the major low made in Oct 2022 ES has been moving up in an impulsive fashion following the five wave up fractal:
The ideal target for the second leg of teh wave (iii) up, its subwave (c) is a 138.2% ext of teh subwave (a) = 5,214. Upon completion of the wave (iii) up I would expect a large corrective (a) down, (b) up, (c) down structure of the wave (iv) down targeting the upper green demand zone 4,850 – 4,700.
Let’s zoom-in:
The rally in a subwave (c) of wave (iii) up started off the Oct 2023 low. It has to follow a clean five wave up structure.
As you can see on the 120 min chart shown above ES has completed a flat -a-b-c- down structure of a micro wave -iv- down this Tuesday, March 5. Off the Tuesday low ES should make the final push higher in a micro wave -v- of (c) of ( iii ).
In the worst case scenario for bulls, they should be able to produce at least one more higher high at 5,195 to complete the micro wave -v- up.