$ES: Price Will Break Out of the Month Opening Range Tomorrow

  • CastAwayTrader
  • April 9, 2024
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$ES #ES-mini #trading setup

Today Es-mini failed to break under the Monthly Support 5,235:

ES-mini 30 min chart

Bears failed to break under the Monthly Support 5,235. Tomorrow CPI Data will most likely push ES out of that range.

ES-mini 90 min chart

The failure of bears today makes me think bulls can capitalize on that failure and push ES higher in a subwave c of wave ( b ) up. Tomorrow we will get a strong catalyst, CPI data. We will most likely get a volatile day and as a result ES-mini will challenge the Monthly Resistance or Monthly Support, or both.

The Less Bullish scenario (the blue-red path): If bears manage to stop the move up at 5,322, then we will expect another leg down in a subwave (c) down targeting 5,175- 5,120.

The Very Bullish scenario (the green lines): if bulls manage to push Es up to a new all time high, 5,340 – 5,353 (with a spike on CPI data), then the next leg down may be a short one and stop at 5,250. That shortened second leg down would be a subwave (c) of wave (iv) down and would make a very attractive long setup.

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