$ES: Upcoming Test of 5,000 Level

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$ES #ES-mini #trading setup #Elliott Wave #triple three

Yesterday I shared my expectation that a complete looking Double Three corrective structure would morph into the Triple Three structure:

…”If that pre-market rally stops at or under 5,240 that could become yet another failed attempt to start a rally to be labelled as (xx) up. In that case that failed attempt to start a new leg up in a wave (v) up would be followed by another a-b-c down structure, the third a-b-c component of the Triple Three structure.”

ES-mini 90 min chart posted on Monday, April 16, 2024

ES-mini has followed that path nicely:

ES-mini 90 min chart

Overnight ES started a corrective bounce in a subwave b up. The broken support 5,130 should now work as a resistance for this bounce. Bulls could push ES up to 5,138 – 5,150 (41.4% -50% retracement of the Monday decline). In the most bullish case the bounce could climb as high as 5,171 (a 66.7% retracement). I expect that bounce in a subwave b up to be followed by an accelerated drop down in a subwave c towards the Green Demand zone that starts at 5,000

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$ES: Two Path Leading to 6,000

$ES #ES-mini #Elliott Wave I have been tracking two scenarios and both allow bulls to push ES-mini to 6,000. Let’s

CastAwayTrader September 13, 2024

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