$ES: Bulls Need to Set Up a Bears’ Trap Before Making a New All Time High

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

Bulls had a simple direct path to re-test the July 2024 all time high but they failed to take advantage of that. Let’s first update the big picture:

ES-mini Daily chart

The big picture on the Daily chart remains unchanged, I count the August rally as a subwave (a) of wave (v) up. Quite often the subwave (a) of wave (v) tops out making a double top re-testing the top made by the wave (iii) up.

This is why I would like bulls to push ES higher one more time to re-test the July 2024 high to complete the subwave (a) of wave (v) up and set the stage for a bigger -a-b-c- down consolidation in a subwave (b) down of wave (v) up.

Let’s zoom in to a 30 min chart.

To complete that subwave (a) of wave (v) up bulls should ideally push ES higher in a micro wave -v- up:

ES-mini 30 min chart

ES can still be working on a corrective micro wave -iv down shaped as the Expanding Triangle. To complete the Expanding Triangle structure bears need to push ES down under 5,580 in the final and the largest subwave -e- down.

The previous low was made at 5,582.75. The ideal easy to trade scenario would be to wait for a drop under that level that would run a whole bunch of protective stops. That breakdown could be followed by a strong recovery back over 5,582.75 triggering the failed breakdown long setup.

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