$ES #ES-mini futures #trading setup
Overnight bears managed to test 4,000 level then bulls stepped in and played a pullback. If wave iii down bottomed overnight then we should get a corrective a-b-c up structure of the wave iv up.
But the main level I am focusing on is 4,048, the Monthly Support than now turned into a resistance. It coincides with 30% retracement fib for that wave iii down. The next resistance is 4,060 – 4,067, the critical support that got broken. And 4,067 is a very important 41.4% retracement, a text book target for a corrective wave iv.
Upon completion of a corrective wave iv up I expect another push lower into the end of this week. We can get a larger pullback next week,