$ES: A Gorgeous Inverse Head and Shoulders Breakout setup

#ES #trading setup #Inverse Head and Shoulders #long setup

We can perfectly count the overnight surge as a micro wave b up and the pre-market drop making a higher low as a subwave c of a wave ii down:

ES-mini 15 min chart

That is a great long setup for bulls to start an accelerated part of a rally in a subwave a of wave iii up targeting 6,085.

Note that bulls got a clean complete Inverse Head and Shoulders bullish setup:

ES-min 15 min chart

Note that the overnight pop violated the neckline 5,977.50.

If you want to play safe, wait for bulls to reclaim that level of resistance 5,977.50 and go long on breakout.

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AFTERNOON UPDATE posted at 12-19 PM EST

ES-mini 15 min chart

Bears managed to break the key support 5,895. That invalidates the bullish Inverse H&S long setup.

Break under the low of the left shoulder Invalidated a bullish inverse head and shoulders structure and is normally followed by a trending move down.

Watch closely 5,892.75 level. Break under that level should have a bearish follow through.

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