$ES: Path for Jan’25 Decline

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$ES #ES-mini #Elliott Wave #trading setup

In Mid December 2024 I shared a bearish scenario that argued that ES-mini made a lasting top. That chart showed a number of level of support that were supposed to get tested in the coming months.

ES-mini 8 hour chart

ES-mini hit the micro target 1. Since then ES-mini has been consolidation setting the stage for another leg down that should stretch down to the micro target 2.

ES-mini 120 min chart

Let’s zoom in to a 15 min chart:

ES-mini 15 min chart

A failed break under support 5,918 triggered a bounce. This bounce may hit the Red Target box.

Failure of bears to get over the Red Box would complete a large corrective -a- up, -b- down, -c- up structure. That would provide bears with a decent short setup for decline down to the next micro support 5,867.

The ideal scenario is that the next push down to 5,867 support would be able to break that level of support and extend lower to tag the micro target 2 = 5,795.

Off that Level of a strong support 5,795 I would expect a very strong short covering rally up to 5,977. If that rally stops at or slightly under 5,977 I would expect a very strong panic driven decline down to 5,540, the MACRO TARGET No.1.

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$ES: Bulls Got a Great Long Setup

$ES #ES-mini #long setup #breakout #accumulation We got a compete looking bearish correction, the -a- down, -b- up, -c- down

CastAwayTrader May 30, 2025

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