$ES #ES-mini #trading setup #Elliott Wave
Let’s look first at a big picture on the daily chart of ES-mini:
That -a-b-c- down structure of the April decline may be the subwave (a) of wave (iv) down, teh first leg down of a three wave correction.
If we look at a tick bar chart we can count that decline as a three wave -a-b-c down move that can test 5,000 level:
Upon completion of this three wave decline in a subwave (a) down I would expect a strong a-b-c up bounce that may hit the target 1 or extend higher to the target 2:
- the target 1 for a subwave (b) up = 5,217, and
- the target 2 for a subwave (b) up = 5,283.