$ES: Bulls Keep Pushing Higher as Expected

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

5,972 – 5,980 is a confluence of two extensions that can temporary stop this rally:

ES-mini 120 min chart

However, note that under that bullish scenario, we count this particular push as a micro wave v of -c- of -iii-. So we can only expect a micro pullback in a micro wave -iv- down off that resistance 5,972-5,980.

The micro pullback in a wave -iv- down should find support at the breakout line 5,837. Break under that level would be a very strong warning for bulls because it would trigger the failed breakout short setup.

AFTERNOON UPDATE posted at 2-57 PM EST

ES-mini 120 min chart

As we expected, bulls have pushed ES up to the target formed by two extensions 5,972 – 5,980. Upon completion of that wave -iii- up we can expect a micro pullback in a micro wave -iv- down off that resistance 5,972-5,980. Note that bulls can overshoot that resistance 5,972 – 5,980 to 6,001 before a pullback down to 33.3% retracement (5,868) starts.

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