$ES: Bears Have a Setup to Undershoot 5,400

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

This morning I shared a path that allowed bulls to test the broken support 5,500 from below:

Let’s update that chart:

Bears managed to tag the May 2024 green Demand Zone and then strongly pushed it up to 5,500.

There is a reliable deceiving triple bottom pattern that is normally followed by a breakdown and accelerated spike down. The double bottom was made at 5,439 – 5,433.50. Bears may test that level once again and then we may get another bounce up that would make an impression that the triple bottom will hold. That third bounce will set a bulls’ trap. What normally follows is a very strong exhaustive drop.

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