$ES #ES-mini #trading setup #Elliott Wave
Bulls have completed two five wave up structures.

Traders are very short sighted creatures. They first react to the small impulsive structure that was recently completed.

Then they zoom-out and notice that another one larger five wave up structure was completed. This is why I think we may get two legs down in reaction to those two completed rallies.
The target 1 / support 1 = 5,510.
MONTH OPENING RANGE STRATEGY.
Note that the Monthly Resistance for July 2024 is 5,626:

Because bulls broke over that level 5,626, the monthly resistance, now turned into a key support.
Bears need to break that support to open the door for a drop down to 5,502.75 to test the Monthly Support. As long as bulls hold ES-mini OVER 5,626 they will remain in control and can push ES back up to the recently made high.