$ES: Distribution or Re-Accumulation?

  • CastAwayTrader
  • March 5, 2026
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$ES #ES-mini

When price hovers in a narrow range for months it becomes nearly impossible to predict what way it breaks out of that consolidation range.

Bulls have been dreaming about another push higher in the final subwave (c) of wave (v) up targeting the Red Box that starts at 7,300:

ES-mini Daily chart

To confirm the bullish scenario we need bulls to break over the fresh Monthly Resistance 6,911.25 that got formed yesterday:

Bears need to break under the Monthly Support 6,718.75 to confirm the macro bearish Top Diamond pattern/setup:

ES-mini Daily chart

So far 100 EMA Daily has provided support. Break under that level (6,824) would open a door for a deep dive down to the pink 200 DMA = 6,600.

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