$ES: Looking Ahead for Another Long Setup

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

as long as bears hodl ES under the micro resistance 5,498 the pressure should be pointed down:

ES-mini 15 min chart

Ideally, bears should push ES down to 5,156.75 (the low of the spike at the bottom of the subwave -a- down). Undershot of that level followed by a quick reclaim of that level would trigger a long failed breakdown setup.

move down to the green box would complete the subwave -c- down and set the stage for another big rally in a subwave C of wave (B) up.

MIDDAY UPDATE – posted at 1-42 PM

ES-mini 15 min chart

The morning spike up looks like the perfect wave x up. Under that wave count the morning spike up we should get another a-b-c move down in a wave y of -c- of B down!

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