$ES #ES-mini #trading setup #Elliott Wave #trading futures
Yesterday in my weekend update I discussed two alternative macro scenarios that argued for one or two legs up.
Today we will discuss what could become a technical trigger of that rally.
Note that ES has been consolidating in a narrow range 5,588 – 5,510 for the last six trading days digesting the strong leg up that topped at 5,588.
Now let’s zoom in to a 120 min chart:
Ideal resolution of that shallow consolidation would be a failed attempt to break under the low of the range 5,510. Break under 5510 to the Green Demand zone followed by a quick recovery back over 5,510 would provide us with a decent long setup to ride another leg up in the wave -v- up.
Always remember the harsh law of the stock market is “big moves come from failed moves”.