$ES Hit the Green Box and Bounced

  • CastAwayTrader
  • June 2, 2024
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$Es #ES-mini #trading futures #trading setup #Elliott Wave

On Friday we correctly predicted a bullish reversal off the Green Box:

ES-mini 240 min

This is how it played out:

ES-mini 13,500 tick bar chart

Bears tested the lower edge of the Green Box on Friday and then bulls stepped in and started a strong rally.

The Weekly Resistance band for the upcoming week will be 5,319 – 5,312.

On the micro chart shown above you can see that the Friday afternoon rally lacked a microstructure therefore I feel reluctant to consider it as an impulsive wave. It looks like a premature attempt (a false start) to start a new rally after a shallow a-b-c down pullback. Therefore the ideal primary scenario is that bears defend the 5,319-5,311 weekly resistance on Monday and then turn ES back down off that resistance and produce another a-b-c move down (wave -y-) targeting the green box:

ES-mini 240 min chart

Break over 5,320 would make that bearish scenario much less reliable.

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