The ES looks about to break out in the continuation of the Minuette Degree Wave (iii) of the Minute Degree Wave III within the Minor Degree 5th Wave up off the April Lows (See daily Chart). Looking at the 240 & 60 Minute Charts i am looking for the ES to take out yesterdays high at 2919.25 and grind up towards the 2983 area next in the Micro Degree Wave 3.
Yesterday we did indeed see the ES breakout in the Micro Degree Wave 3.
Within that fractal we are now approaching the 123.6% extension for the Sub Micro Degree wave (3) as shown in the 60 Minute Chart.Now looking for the ES to continue higher as detailed in the 60 and 240 Minute chart to complete all of the larger Minuette Degree and the Minute Degree wave iii's up at the ES 3121-3231 level (See daily Chart).
The ES hit the 123.6% extension during Fridays session to complete the Sub Micro Degree wave (3) and has since pulled back. Looking for the ES to now hold above 2920 and ideally 2922 and then continue higher towards 2968-2989 next in the Sub Micro Degree wave (5) and thus complete the Micro Degree Wave 3.Login or start your Free Trial to see the Day Trade Chart for ES and access all of our in-depth charts, Elliott Wave setups, Fibonacci Levels, Hurst Cycles, and more including our Live Trading Room where you watch our screens as we trade live and show you the market direction in real time.