$ES: Bulls Have a Path to Push Up to 5,720

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$ES #ES-mini #Elliott Waves #trading setup

Bulls keep pushing ES-mini up following the path I shared on Aug 16:

ES-mini Daily chart posted on Aug 16, 2024

This is how that Daily chart looks like now:

ES-mini Daily chart

I consider the move up off the major Oct 2022 low as an unfolding five wave up structure. So Far ES-mini completed only the wave (iii) up. The drop that made a low on teh panic Monday of Aug 5th could be the bottom of the wave (iv) down. Under that wave count the move up off the last low made at 5,120 should be a subwave (a) of wave (v) that that normally comes as a string five wave up rally that re-tests the previous high made by the wave (iii) up.

Let’s zoom-in to a 30 min chart:

ES-mini 30 min chart

That leg up in a subwave (a) of wave (v) up does not look having topped yet. It has room to go higher at least to 5,720. Upon completion of the subwave (a) of wave (v) up we should expect a flat a-b-c- down structure in the subwave (b) down of wave (v) up (I keep reposting the path posted on Aug 16th).

I think that 5,582 would keep working s a strong level of support when that corrective consolidation in the subwave (b) down finally starts (see the Red Horizontal line highlighted with the red arrow).

To launch an accelerated mini rally in a micro wave iii up bulls need to break over the Daily resistance 5,665.25. A micro support is located at 5,636.75.

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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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