$ES: Bulls Defended the 5,000 Level. They Can Start a Move Up

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

Let’s start from the macro update based on the Daily chart:

Last week ES dropped into the upper green Demand zone:

ES-mini Daily chart

I continue to expect that bulls will step in at 5,000 important psychological level and produce at least a corrective a-b-c up bounce. I count that drop as a subwave (a) down of the corrective wave (iv). That wave count promises another leg up in the final wave (v) up later in 2024. Last week the market completed the Natural Year opening range.

Yearly resistance is 5,333.50.

Yearly support is 4,963.50.

Below is the micro count of the April decline and a potential path of a corrective wave (b) up:

ES-mini 13,500 tick bar chart

ES has opened the Sunday evening trading session with a pop up off the Green box. This micro count allows bulls to produce a rally to 5,119, the lower edge of the Red Box. We can set a tight protective stop under the Friday low = 4,991.25.

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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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