$ES: Get Prepared for a Wild Ride Triggered by CPI Release on Tuesday Morning

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The macro wave count / scenario we discussed on Sunday argues that bulls would be able to push ES-mini to 4,450 – 4,460 to complete the subwave (c) of a corrective wave ( ii ) up.

we have had the Expanding Flat structure right into the resistance red band 4,400 – 4,415. The crowd often calls that pattern “the megaphone”.

That megaphone pattern does not look having completed yet. A strong drop to the lower black trend line in a subwave e down would complete the subwave e down and make a long setup:

ES-mini 120 min chart

If we get the first negative reaction to the CPI release at 8-30 AM EST on Tuesday with a drop down to 4,335 – 4,325 that could be considered a long setup. Then bulls would be able to make the final push higher to 4,450 – 4,460.

Break under 4,325 would most likely mean ES-mini made a major top and started a new large leg down targeting under 4,000. See the triangle path posted on Sunday.

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