#ES-mini $ES #trading setup #trading futures #Elliott wave
The stock market is a quintessential zero sum game. In each trade only one side wins. The same principle applies for the market as a whole. When bulls have a setup but fail to start a rally that failure invites bears to try their chances.
Bulls had a great long setup pre-FOMC. They tried to start a new rally twice, on Wednesday and Thursday. But both rallies failed to push ES-mini out of the range. Note that today ES-mini made the third consecutive lower low.
We can count that whipsaw as a micro short -i- down, -ii- up setup of a wave (c) of (iv) down.
Bears can set a protective stop at 5,141. The target for the wave -iii- down is 4,955.
The weekly trend is still up:
NQ-mini has a very similar picture:
Bears have a clean i down, ii up short setup to ride a wave iii down targeting 17,000.
A tight protective stop can be placed at 17,950.