$ES #ES-mini #long setup #Monthly Resistance #breakout
Yesterday the market completed a Month Opening Range of December and we got the Monthly Resistance and Support Levels:

The key level for bulls to break is the Monthly Resistance 6,873.25.
Break over that level would open the door for a rally up to the Monthly R1 level = 6,941.50.
Let’s have a look at a 120 min chart to see a bigger picture:

ES-mini 120 min chart
ES has been consolidating for three days after a strong impulsive rally off the low made on Friday, Nov 21st. That flat and shallow consolidation can be counted as a subwave -b- down of wave -iii- up. A flat consolidation becomes a base for bulls to start a new accelerated leg up in a subwave -c- of wave -iii- up fueled by short covering.
The target for the rally in a subwave -c- of wave -iii- up is 7,075.
To trigger that very bullish scenario bulls need to push ES over the Monthly Resistance = 6,873.25.