#ES-mini $ES #trading futures #Elliott Wave
Bulls made enough micro squiggles to complete a five wave up rally that started in April 2024:
That wave count allows bears to produce an a-b-c down structure targeting 5,500 and then 5,400.
The very first target for bears is to push ES down to the blue trend line.
On a micro level Bears have a promising bearish reversal Head and Shoulders pattern:
ES-mini 15 min chart
To trigger that setup bears need to break under the neckline (black daily pivot 5,668.75). If bears manage to break the daily pivot they will be able to push ES-mini down to the blue daily support 5,641.
On the chart you can see signal drawn by my Cycle Trader indicator for TradingView.
That setup is alive as long as bears hold ES under 5,708. Break over 5,708 would most likely mean ES is heading to yet another extension to a new fresh all time high.