$ES: Hit the Red Box Too Fast

$ES #ES-mini #Elliottwave

ES is in a runaway mode. I expected bears to produce a micro pullback before another leg up starts.

But it continued climbing overnight:

ES-mini 15 min chart

We can count that move up as a corrective -a-b-c- up. But I can not call that wave count a reliable one. I do not like strength behind that rally.

The key support is 6,697 – 6,704 (Daily resistance for today and tomorrow). Until bears manage to break that level it will be risky to attempt going short here.

We expected NQ to produce a rally to the Red Box:

NQ-mini chart posted on Sep 26 in my chat room

Bulls pushed NQ into that Red Box and even overshot it:

NQ-mini 15 min chart

Here again that strength in the second leg up is a good sign that bullish momentum is too strong.

We have a solid bullish wave count for NQ-mini:

NQ-mini 120 min chart

We expected a flat a-b-c down consolidation in NQ. That consolidation should build a base for an accelerated leg up in a subwave -c- for a wave -iii- up targeting 26,200.

Now come back to a15 min chart of NQ shown above.

You can see that resistance line 25,025. We can see bulls attempting to break over that level and even overshooting it slighly (under the very bullish Running Flat structure).

But even in that case I would be waiting for a shortened subwave c down completing a down, b up, c down corective structure before I consider going long to ride the next leg up.

So I have a clear vision on NQ-mini. Let’s watch how ES-mini reacts to its Red Box. I will try to offer you a reasonable bullish wave count for ES-mini. But I do not see it right now.

More To Explore

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$ES #ES-mini #trading setup #ElliottWave ES keeps consolidating building a base under the key resistance 6,794: ES-mini 10 min chart

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