$ES #ES-mini #trading futures #trading setup #Elliott Wave
We are going to get important data release of Personal Consumption Index at 8-30 AM EST on Friday.
Note, this move up today lacked a good structure, if the wave -b- down bottomed then we would have got a i up, ii down setup, a starting piece of a five wave up rally in the wave -c- up.
But we got some short covering structureless rally instead. More often that not such a rally fails and we label it as a subwave b up, a premature attempt to start a new rally. 5,125, the Daily Resistance for Friday, is the key level for overnight and morning trading sessions.