$ES: WEEKEND UPDATE: Has The Chase Begun?

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

Bulls can consider the early April’25 low as the bottom of the subwave B down of wave 5 up:

ES-mini Daily chart

In that case this move up is an unfolding five wave up rally in a subwave C of wave 5 that has to make a substantially higher high over 7,000.

Let’s zoom in to a 120 min chart:

ES-mini 120 min chart

Let’s look at our map, the model five wave up model chart:

Within the Very Bullish Macro scenario we can identify on a micro scale two alternative micro paths.

(i) Micro Bullish. It is possible that the subwave (b) down of wave ( iii ) up bottomed on Friday, May 23.

In that case ES has already started a strong and accelerated fivve wave up rally in a subwave (c) of wave ( iii ) up.

To confirm that bullish micro path we need bulls to push ES over 5,993 (the mid May’25 high).

(ii) Micro Bearish scenario. However, we can not exclude possibility that the subwave (b) down of wave ( iii ) up has not bottomed yet.

We can get another trip down to re-test the low made at 5,765 on May23rd:

ES-mini 120 min chart

The micro bearish scenario (still within the Bullish Macro scenario) allows bears to test the green box ( 5,756 – 5,714 ).

To invalidate that Macro bullish scenario bears need to break under the milestone support 5,596.

More To Explore

$ES: Bulls Can Start Another Push Higher to 6,460

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$ES: The Long i up, ii down Setup in Action

$ES #acceleration #long setup On Tuesday I shared a promising textbook i up, ii down setup that allowed bulls to

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