$ES: Bulls Can Keep Pushing Higher

  • CastAwayTrader
  • August 14, 2024
<<< Back to All Updates
<<< Macro Updates

$ES #ES-mini #Elliott Wave

let’s have a look at a daily chart to see a bigger picture:

ES-mini Daily chart

So far we got a rally that retraced 58.6% ( that fib is a derivative from two other common fibs 100%-41.4%=58.6% ). Bulls have a setup for pushing ES higher in a wave (v) up towards the Red Box. Note that price came back up to the intersection of two red trend lines. Traders who practice traditional technical analysis will be waiting for a breakout followed by a successful retest of the broken resistance. That would be an attractive scenario to go long.

Let’s look at a micro count:

ES-mini 30 min chart

The micro wave count allows bulls to keep pushing higher in the strongest part of the rally, subwave -c- of wave -iii- up to 5,596 without large pullbacks.

ES is currently over the Seconadary resistance 5,446. That means it is in overbought condition.

That 5,446 level is a micro support.

Break under 5,4460 would open the door for decline down to support of the broken the Daily resistance 5,397.

Subscribe to Free Updates

Get Unlimited Access

PrevPrevious$ES and $NQ Hit Resistance, Expect A Consolidation
Next$ES: Acceleration of the RallyNext

More To Explore

$ES: Bears Have A Clean Setup

$ES #ELLIOTT WAVE #trading setup #short setup Bulls squeezed a slighly higher high on Thursday. But ES closed back under

CastAwayTrader May 9, 2025

$ES: Bears Failed to Break the Monthly Support

$ES #Month Opening Range Yesterday, I anticipated a classic “pump-and-dump” scenario following the FOMC announcement. However, that move didn’t materialize.

CastAwayTrader May 8, 2025

Important Disclaimer

CastAway Trader LLC, the publisher of this web-site and videos is not registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. Users of the website www.castawaytrader.com and viewers of the videos are advised that all information presented on the website is solely for informational purposes, is not intended to be used as a personalized investment recommendation, and is not attuned to any specific portfolio or to any user’s particular investment needs or objectives.

Trading stocks, options, or futures carries a high level of risk, and may not be suitable for all investors. Before deciding to trade, you should carefully consider your objectives, financial situation, needs and level of experience. CastAway Trader LLC provides general overview of trading methods that does not take into account your objectives, financial situation or needs. The content of this website must not be construed as personal advice. All trading setups and/or trades presented in the web site and/or trading chat room by CastAway Trader an/or by other members of the chat should be considered hypothetical for educational purposes only and should not be expected to be replicated in a live trading account.

An investor could potentially lose all or more than the initial investment. You should not speculate with capital that you cannot afford to lose. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style.

You should be aware of all the risks associated with trading. You should seek advice from an independent financial advisor.

Any information posted on this web site is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of the website must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. All opinions, analyses and information posted on the website are based on sources believed to be reliable and written in good faith, but should be independently verified, and no representation or warranty of any kind, express or implied, is made, including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, CastAwayTrader LLC and its officers and employees undertake no responsibility to notify such opinions, analyses or information or to keep such opinions, analyses or information current. Also be aware that the owners, officers and employees of the web site www.castawaytrader.com may have long or short positions in securities that may be discussed on the website, Premium Trading Chat room and/or in the videos posted by CastAway Trader LLC.

Past results are not indicative of future profits.

Subscribe to Free Updates

Get Unlimited Access