$ES #ES-mini #EllittWave #trading setup
Bulls may argue that they have built a micro i up, ii down long setup to start a rally targeting 6,600:
ES-mini 120 min chart
The ideal scenario for bulls is that they do not let bears to test the key support 6,333 again:
ES-mini 15 min chart
Break back under 6,333 would not entirely invalidate the very bullish scenario but it would cast doubts over it because the very bullish count argues for an accelerated rally that does not meander at the key support that long. Therefore I would still have a protective stop under 6,333.
Let’s look what my Cycle Trader indicator shows here:
This morning bulls defended support of the black daily pivot 6,335.75.
To start a new leg up bears need to break over the red Daily Resistance 6,353.50!
Daily support is 6,323 and this is the level that has to get broken by bears to give us the first confirmation that the market turned down on Daily.
I have been working on developing a a new TradingView indicator capable of detecting and classifying cycle peaks and troughs:
We got a small move down and that looks like a proper 40 period trough.
That cycle map argues for the next cycle 80 period trough on Fri Jul 25 (simply track 80 bars off the last completed 80 trough (16 Jul, 10:00 AM). The next 80 period peak can be expected on a night from Wed to Thursday.
In an uptrending market a trough of 80 period may be located on a higher level than teh preceding 40 trough.