$ES #ES-mini #trading setup
Yesterday evening I shared that bullish path:
ES-mini 5 min chart
This is how that chart looked like at the Tuesday morning:
The path allowed bears to test the 5,239 support overnight. Bears slightly undershot that support but then reclaimed it. In the morning bears tested that again and failed to trigger a breakdown one more time.
There is no better trigger for a rally than a double failure of bears to break under a support!
This is how that chart looks like now:
ES keeps following our bullish script.
It has broken over the red trend line and then re-tested it from above (see the Green Arrow). The Red Arrow shows the ultimate destination for the second leg up in a wave -c-. A stop for bulls can be set at 5,222.
So far we have been following an -a-b-c- up move off the low made by a panic selling on Black Monday morning. That low could e a lasting low. We do not know that at this moment. We can hope for that but we trade based on assumption that this -a-b-c- move up is just a temporary -a-b-c- corrective bounce.