$ES: Bulls Got a Long Setup

#ES $ES #trading futures #Elliott Wave

In my previous update I reaffirmed my bearish expectations. ES turned down and dropped right after the report was posted:

The sharp drop stopped at the key support on Thursday. Note the broken resistance 5,596.50. After getting broken it turned into a strong support.

We can count that drop as a subwave -c- of a corrective wave -iv- down, the second leg down in a tricky corrective Expanded Flat.

As long as bulls hold ES-mini over that support 5,596.50 , they will remain in control and will be able to push ES-mini higher to re-test the July high and even slightly overshoot it.

That push up would complete the subwave (a) up of wave (v) up. Upon its completion I would expect a flat -a-b-c- down consolidation in a subwave (b) down of wave (v) up:

This is the Daily chart posted on July 16. It shows the path for an (a)-(b)-(c) up structure of the final wave (v) up:

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