$ES: Will Bulls Wait for Another Bear Trap to Close?

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

I consider the September decline as the final leg in a corrective pullback:

We can count that drop as eiether a subwave -c- that completes a corrective -a-b-c- down structure or as a subwave -e- of a more complex Expanding Triangle -a-b-c-d-e- down structure:

Either we count that September move down as a subwave -c- down (the black labels) or a subwave -e- down (the blue labels) that decline may be considered as the final leg down of a corrective structure.

I keep watching the key resistance 5,561.25. Bulls need to break over that level to confirm completion of a corrective pullback and potential start of a new leg up.

This morning ES is sitting at the Daily Support 5,516.75. The Daily support for Friday is 5,515. Break under that level would trigger a panic driven accelerated and exhaustive decline.

Bulls may watch for a promising relaible “failed breakdown” ssetup. If bears manage to break under 5,515 but then bulls manage to reclaim that level within the next 24 hours that would be a long setup.

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$ES: A Bear Trap Followed by A Bull Trap

$ES #ES-mini #trading setup #Elliott Wave We started Tuesday morning with a picture perfect short setup: ES-mini 30 min chart I note for members of my chat room: “5,506 is the key level to watch.

CastAwayTrader September 11, 2024

$ES: Hot CPI numbers Can Trigger Another Leg down

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