$ES: -i- up -ii- Down Long Setup is in the Making

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$ES #ES-mini #long setup

The sharp drop last Thursday can be counted as the final subwave -e- down of the Expanding Triangle corrective structure:

ES-mini Daily chart

Let’s zoom in to a 30 min chart:

If we count the Thursday drop as a subwave -e- of wave (b) of ( v ) then we should expect another five wave up rally targeting the Red Box shown on the Daily chart above.

In taht case the strong short covering rally that came last Friday and extended on Monday should be counted as a micro wave -i- up.

Its possible that a micro wave -i- up has not topped yet and may extend up to the Yearly Resistance 7,036.25. Upon completion of a micro wave -i- up I would be waiting for a corrective -a- b-c- down structure of the corrective wave -ii- down.

The whole idea of using Elliott Wave theory is to identify the direction of the trend with counting an impulsive structure and then wait for a corretive a-b-c- consolidation to pick an entry point.

The weekly resistance is 6,997.50.

Monthly Resistance is 7,027.

YEAR 2026 RESISTANCE = 7,036.25.

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