$ES #ES #trading setup #RunningFlat
ES made a higher high overnight and by doing that it set the stage for playing a bullish Running Flat structure:
The Running Flat is a structure where the subwave -b- up (the rally that topped overnight) makes a higher high despite being a corrective wave, and the final push down in a subwave c makes a much higher low in comparison to the low made by the subwave -a- down. Normally the final decline in a subwave -c- down comes as a straight line spike caused by any news catalyst.
Today we get an employment report to be released at 8-30 AM that can cause such a spike.
The ideal bottoming level is 4,270.50.
If bull stop a spike down at 4,270 – 4,268 they will get a setup for a rally targeting 4,338.