$ES: Bouncing off the 5,000 Level as We Expected

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

ES-mini keeps working on a large corrective -a-b-c- up bounce as we expected:

ES-mini Daily chart

I count that slow climbing push higher as a subwave -a- of a corrective wave (b) up. That wave count allows bears to produce another leg down in a wave (c) of (iv) in May – June.

Let’s zoom in to a micro chart:

ES is hitting the lower Red Box. The minimum target for a subwave -a- up has been hit. But that could not be all of wav e(b) up (see the daily chart above). We need a larger a-b-c- up structure of that bounce to play out.

I would not be shorting this because this rally may extend to the upper Red Box. We are inside a wave (b) up therefore expect many chaotic turns here.

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