$ES: On A Brink of a Breakdown, Support to Watch

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

The primary wave count considers the July drop as a large wave (iv) down to be followed by another rally to a wave (v) up:

ES-mini Daily chart

We have already got an (a)-(b)-(c) down corrective move that has tagged the textbook 41.4% retracement, the normal target for the wave (iv) down.

But can we be sure the wave (iv) down has bottomed yet?

Let’s zoom into a micro 15 min chart:

ES-5 min chart

We can count the overlapping messy moves off the Monday low as a promising -i- up, -ii- down setup that allows bulls to start a five wave up rally targeting 5,600 in a subwave (a) of wave (v) up. A break over 5,344would be a good evidence in favor of that bullish scenario.

But I can entertain that bullish scenario as long as bulls hold ES over 5,192.

Break under 5,192 would make me consider this Very bearish scenario:

ES Daily The Very Bearish “the top is in” scenario:

ES-mini 15 min 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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