$ES: The Very Bearish Scenario

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$ES #ES-mini #trading setup #Elliott Wave

Break under the 5,400 Demand Zone made me consider this very Bearish scenario. That scenario counts the bounce last week as a subwave c of wave (x) up. The sharp drop on Friday then should be counted as a micro wave a of wave (y) down. Bulls can attempt playing a corrective bounce here. But the ultimate destination for the decline is located at 5,300. 5,292 is a very very strong support level. Tonight ES-mini opened with a gap down right to the 100% ext fib = 5,309.

ES-mini 120 min chart

This is where bulls could try to start a corrective bounce in a micro wave b up
The target for a wave b up is the Red Box that starts at 5,428.

The Macro Green box on teh Daily chart starts at 5,250 and bottoms at 5,000. If we get a bounce in a subwave b up up to the Red Box then we can expect a scary accelerated decline in a subwave c of wave (y) of (iv) down targeting the Green Box on the Daily chart:

ES-mini Daily chart

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$ES: Two Path Leading to 6,000

$ES #ES-mini #Elliott Wave I have been tracking two scenarios and both allow bulls to push ES-mini to 6,000. Let’s

CastAwayTrader September 13, 2024

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