$ES: I Count This Rally as Part of a Consolidation

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$ES #ES-mini #Elliott Wave

I do not think bulls are ready for another run. I still expect a bigger consolidation or pullback in a subwave B down of wave 5 up that needs to build a proper base for another strong leg up into the July 4th.

ES-mini 30 min chart

If bears stop this rally at the Red Box we can get an a-b-c down move to 5,955 – 5,920.

However, if bulls manage to push ES to a higher high (upper edge of the red box at 6,140), then the subsequent decline in the wave -c- down may make a higher low at 6,051.50 – 6,030.

One more leg down would complete a base/ consolidation needed for another larger leg up in a subwave C of wave 5 up.

Bears turned ES down off the Red Box:

ES-mini 30 min chart

Note that it has just landed on to the broken Monthly Resistance (6,051) (Sep’25 contract). That broken resistance now works as a micro support. No wonder this is where bears took a breather.

Bears need to break under 6,051 that level 6,051 to open the door for a slide down to the Green Box.

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$ES: Bear Got a Short Setup

$ES #ES-mini #short setup Bears need to break under 6,051 level to trigger another wave of selling targeting the Green

CastAwayTrader June 17, 2025

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