$ES: Did the Panic Selling Killed the Bulls Market?

  • CastAwayTrader
  • August 5, 2024
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$ES #ES-mini #trading setup #Elliott Wave

Overnight ES dropped deeper into the macro Green Box on the Daily chart:

ES-mini Daily chart

It has tested pre-market the typical target for the wave (iv) down which is 41.4% retracement of the wave (iii) up = 5,140. Another normal target for the wave (iv) down is the low made by the previous pullback in a wave -iv- down of one degree lower. In our case that bottom was made at 5,028.25

Zooming-in to a 120 min chart:

ES-mini 120 min chart

That drop is scary but that is not large enough to invalidate the potential for another big rally in a wave (v) up. So far we got a three wave decline into the normal targets for a corrective wave (iv) down. A wave (iv) down should be followed by another rally in a wave (v) up targeting a new all time high.

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