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

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$ES #ES-mini #ElliottWave #trading setup

This is our primary Very Bullish wave count:

ES-mini 120 min chart

The wave count argues for a much bigger rally targeting 6,600 for a micro wave -iii- up and for 6,700+ for the top of the wave (iii) up.

However, as I noted yesterday, the immediate micro resistance is 6,462. That is a potential level where bulls can fail. We always have to keep on the desk a Plan B in case the primary scenario gets invalidated.

The winning team is bulls. This is why we bet money on them now. However, we should always doubt the team we are betting on at this point in time. We have to be mentally prepared when that winning streak is finally broken and bears come back with vengeance.

Let’s look at a micro cycle analysis:

I expected ES-mini to make a 80 period trough this morning.

In an uptrending market every cycle trough makes a higher low. When we are in the middle of the accelerated move up in the wav e(iii) up pullbacks tend to be very shallow.

So bears had a time window to produce a move down into pre-market Friday but they produce a very small move down. Now cycle power should start providing tail wind for bulls.

These are key price levels for today calculated by my proprietary Cycle Trader indicator:

There are two micro support levels for today: 6,407.25 and 6,384.25.

As long as bulls hold ES-mini over 6,384 I would expect another leg up targeting at least 6,460.

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