Bad report from AMZN crushed NQ but ES-mini has held over upward sloped 200 MA on 60 min chart (see the pink line):
That bullish micro wave count allows bulls to produce one more rally in subwave -c- of wave (Y) up targeting 3,990 – 4,020.
However, we have two more bearish wave counts that are better aligned with a very bearish wave count of NQ-mini:
(2) Complex Correction:
Look at the s(a) up, (b)- down, (c) up corrective structure highlighted with the yellow box. If ES-mini follows a similar path to the one shown in that yellow box , the path to 4,020, an expected top of the pullback, may be much more complex. Off the high made by ES-mini at 3,897.50 on October 26th we can get a deep -a- down, -b- up, -c- down structure targeting 3,650. Upon completion of that corrective subwave (b) down bulls would get another long setup for a rally in subwave (c) up targeting 4,040.
Finally, there is a simple straightforward scenario aligned with the bearish count of NQ-mini:
Under that straightforward bearish count ES-mini futures completed a corrective wave 4 up and started another A-B-C move down in wave 5 targeting 3,350.