$ES: The Next Long Entry

$ES #ES-mini #trading setup

Unfortunately, we never got the second leg down in a subwave (c) of the wave (iv) down I expected. The uber bullish scenario assumes the wave (iv) down bottomed and the wave (v) up started:

As you can see, ES-mini has been following the five wave up fractal off the major low made in 2022.

Because the wave (iii) up stopped at a 200% ext of the wave (i) up we can expect the wave ( v ) up to hit at least 250% or even 276.4% ext of the wave ( i ) up (see the Red Box).

Let’s zoom in:

Let’s zoom in to a 30 min chart:

So far this rally has a clean three wave up corrective structure. It could be a subwave -b- up to be followed by a quick drop down in a subwave -c- down targeting the Green Box.

If we get a drop down to the Green Box that would be a decent long setup supported by the textbook Inverse Head and Shoulders pattern.

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