$ES: Has This Wave -b- Up Topped?

$ES #Weekend #Daily

I continue counting the December 2023 rally as a subwave -b- up inside a corrective -a- down, -b- up, -c- down structure shaped as a tricky Running Flat structure:

Inside a corrective structure Running Flat the final leg down in a subwave -c- down makes a higher high in comparison to the ending point of -a- down:

So far ES-mini has not tagged the Red Target box. Bulls still can push ES-mini higher to the target 1 = 4,865.

Another potential target, the right Red Box, can be drawn using negative extensions of the quick and shallow Jan’24 decline. We can get two targets, 4,874.75 – 4,895.50, negative -123.6% and -138.2% ext to the Jan’24 decline.

The Daily support for Sunday – Monday is 4,772.75.

The Daily resistance for Sunday – Monday is 4,832.25.

ES: Weekly Resistance for the upcoming week: 4,828.

ES: Weekly Support for the upcoming week: 4,702.

As you can see, bulls need to crack 4,832 resistance to open the door for the final spike up to 4,865-4,875.

Please be advised that the US stock market will be closed on Monday, Jan. 15.

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