$ES #Eliott Wave #trading setup #a-b-c up off the low
Bears finally has broken under the first micro support 5,892.75 and by doing that they provided us with a confirmation that ES has made some top:
ES-mini 120 min chart
In the most bullish interpretation ES has topped in a subwave (a) of wave ( iii ) up.
Under the macro bullish scenario we need to get a shallow a-b-c move down that retraces – 33.3% -41.4% of the preceding five wave up rally (respectively 5,708 – 5,635 is the target for the subwave -c- down of wave (b) of (iii):
Under the bearish scenario one can argue that ES has just topped in a large corrective (a)-(b)-(c) move up and that bounce topped right at the 100% extension of the time consumed by the preceding decline!
To confirm the bearish scenario that allows bears to produce a huge leg down to a new low of the 2025 year we need to see a much stronger and impulsive looking move down rather than a corrective looking three wave down move with a-b-c micro structure down to 5,708.