$ES: Finally Tested the Green Demand Zone

$ES #ES-mini #Demand Zone #completed_pullback

This week I repeated several times that bears could push ES-mini down one more time.

Yesterday bears finally did that.

ES-mini 120 min chart

We can count the drop we got yesterday as the second leg down in a subwave (c) of wave (iv) down. Price dropped into teh Green Demand Zone as we expected for a long time.

Moreover, there is an old style repeating pattern called “three drives down” where corrective move down mimics a five wave up structure in a sense that it has three legs down. Old school traders consider that pattern as a completed corrective structure.

The new lower low made yesterday allows bulls to start another leg up in a wave (v) up targeting the Red Box that starts at 7,300.

For four weeks in a row price made short term troughs on Friday mornings. I guess the low made yesterday on Thursday evenings fits that cycle pattern.

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