$ES #ES-mini #Elliott Wave #trading setup
ES-mini dropped to intersection of two trend lines:
Overnight bears tested a strong support 5,510. Bulls can count the sharp drop as a subwave c down of a corrective a-b-c down structure of the subwave (b) down of wave (v) up.
Let’s zoom in to a 120 min chart:
Bulls have a setup for a new big rally in a subwave (c) of wave (v) up. However, so far we do not have any signs that ES has bottomed. Bulls need to reclaim the broken support of the day 5,652 to give us the first confirmation that the bottoming process started.
Until that happens its dangerous to attempt catching the falling knife.