$ES: The Next Pullback May Turn into a Textbook Long Setup

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My primary (preferred) wave count considers the strong rally off the low made last Friday as a micro wave -i- up of a five wave up rally that may extend up to 7,300+.

ES-mini 120 min chart

That wave -i- up may extend up to 6,878 or even 6,910 (the Monthly Resistance of November 2025). Upon completion of the wave -i- up I would expect a pullback in a wave -ii- down that may tag the Green Box.

We will start a new trading month tomorrow. We will get a new Month Opening range formed during the first three trading days of December (Monday – Wednesday).

Let’s zoom in to a 15 min chart:

ES-mini 15 min chart

On the 15 min chart you can see that ES-mini is testing the weekly resistance R2. That wave -i- up may extend up to the R3 level 6,878 or even 6,910 (the Monthly Resistance of November 2025).

The weekly levels are drawn and calculated by my brand new Weekly Opening Range indicator.

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