$ES #es-mini trading #trading setup
This is potential path for today and tomorrow:
Yesterday ES could finally top in a corrective -a-b-c-up structure. Above This you can see a potential path for today and tomorrow.
Yesterday afternoon we got a strong a-b-c move down that can be counted as a micro wave i down. We can get a corrective micro a-b-c up bounce in a wave ii up into 4,909-4,020.
Upon completion of that consolidation we can get an accelerated move down targeting 3,890-3,875.
Things to memorize:
Its very important for bears to keep any bounce under 4,037 (66.7% retracement). However, it would be even better if bears do not allow bulls to get over 4,020 (50% retracement).
A pullback to 41.4% – 50% retracement fib is an important preliminary condition of a subsequent trending move down.
In conclusion: If bears manage to keep a pullback under 50% retracement (4,020) that is a strong confirmation that bears are in control and will be able to produce another strong move down targeting 3,890 – 3,875.