$ES #ES-mini #trading futures #Elliott Wave
I keep tracking two main scenarios, the Uber bullish one and a normal bullish one.
Under the Uber Bullish scenario the wave -iii- up has not topped yet:

Under the Uber bullish scenario ES can make two more legs up to new fresh all time highs before we can talk about a large pullback.
Under the Normal Bullish wave count we need only need one more push higher to make a lasting top and expect a large pullback:

Under the Normal Bullish wave count we need only need one more push higher to make a lasting top and expect a large pullback.
Let’s zoom-in to a 120 min chart to review the corrective action we saw last week:

Last week ES consolidated in a text book -a-b-c- down structure. Though ES tagged the target 1 at 5,506 at Friday close I would not rule out possibility of another push lower down to the Green Demand zone before we call that consolidation complete.
However, as long as bulls hold ES-mini over the Green zone we will be able to consider that consolidation as a base for another leg up higher.