$ES: Shallow Pullback Could Trigger an Explosive Leg Up

$ES #ElliottWave #trading setup #shortcovering

Bears are getting disappointed about very tame reaction to the complete looking micro wave count of the rally:

ES-mini tick bar chart

Bears need to push ES unde 6,277 to produce a stronger drop down to 6,208. Under the primary bearish scenario that -a-b-c- move down would be a subwave (a) of wave B down of wave 5 up.

Now let’s discuss the alternative Very Very Bullish runaway scenario:

There is a risk for bears that this shallow consolidation would be followed by even a stronger leg up:

ES-mini 60 min chart

🚨Potential Very Very Bullish Setup in Play 🚨

We see a risk for bears that this shallow consolidation could be the launchpad for an even stronger leg up.

📈 The chart above reflects our “Very Very Bullish” micro count, which we’ve been closely monitoring. We discussed that bullish scenario last week.

Key observations:

Price has broken above the red trendline, a key technical milestone.
Bulls are now successfully defending that breakout, keeping ES above the trendline.

🔁 What we want to see next:

A pullback to retest the red trendline from above would be ideal. This would validate the breakout.
If bulls confidently step back in at that level, we could see a sharp rally unfold.

💡 How to trade it:
If price dips and retests the red trendline (completing a shallow a–b–c down), you can look to buy a breakout above 6,335 as confirmation of renewed upside momentum.

This setup presents a high-conviction opportunity if the structure holds. Stay alert.

More To Explore

$ES: Completed Inverse H&S Pattern

$ES #breakout #breakdown #Inverse Head and Shoulders We’re seeing another potential breakout setup reinforced by a long -i- up, -ii-

CastAwayTrader February 2, 2026

$NQ: Breakdown is Brewing

$NQ #breakdown NQ has a short term bearish look. That wave count allows bears to push NQ down to 24,400:

CastAwayTrader January 30, 2026

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