$ES #ES-mini #Elliott Wave
let’s have a look at a daily chart to see a bigger picture:
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:
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.