$ES and $SVIX Look Ready For Another Push Higher

$ES $SVIX #trading setup

ES-mini looks having completed a corrective consolidation in the wave -iv- down and looks ready to start another rally in the wave -v- up:

The ideal target for the wave -v- up = 4,639.

SVIX, the “greed index” has a very similar wave count:

That long setup in ES-mini will be valid as long as bulls hold ES-mini over support 4,552 and hold SVIX over 33.93.

If we zoom out to a daily chart you will see that the potential remaining upside is pretty small in comparison to the size of the November rally:

Even the bullish scenario argues for a pullback first down to 4,450 and then down to 4,400. To keep the bullish scenario alive bulls will have to defend 4,400 support.

Again, I count that rally as a micro wave -i- up that is supposed to be followed by an a-b-c- pullback in a wave -ii- down.

A break under 4,400 would make the alternative bearish wave count a feasible scenario:

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