$ES #Daily #micro #trading setup #i down- ii up short setup
ES-mini futures seem having bottomed in the first a-b-c- move down off the December high:
That a-b-c down move labelled as a wave i down should be followed by a corrective bounce in a wave ii up:
If you look at the daily chart posted above you will see a major support 3,945 that got broken. Ideally bulls would like to get that high and test that support-turned-resistance.
However, on 60 min chart you may see that this rally in subwave -c- of wave -ii- up may fall short of that level. It can top at 3,900.
The fact that the subwave b down managed to make a lower low yesterday tells us that the bearish momentum is very strong.
Upon completion of a corrective wave ii up we should get another wave down that should come as a stronger decline.