$ES: Keeps Pushing Higher as Expected

$ES #ES-mini #long setup #five wave up rally

We have been tracking a strong rally off the green demand zone:

ES-mini 120 min chart

We correctly considered possibility of one more drop down to the Green Demand Zone (see update on Nov 19):

“…we can not exclude possibility for another push to a slighly lower low deeper into the green band”.

… two days later when bears tagged the green demand zone we correctly predicted a new big rally (see update posted on Nov 21st):

“…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”.

Let’s now zoom-in to a current 15 min chart:

ES-mini 15 min chart

Ideally, I would like bulls to push ES higher in a subwave -c- of wave -i- up.

These are potential targets for that extension higher:

The 100% ext of the subwave -a- up is located at 6,878.50.

The Monthly Resistance is located at 6,909.50.

The key micro Daily levels for today are:

Micro resistance: Secondary Daily resistance – 6,816.75.

Micro support – the broken daily resistance 6,731.75.

More To Explore

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