$ES #ES-mini #trading futures
Yesterday I expected a corrective rally. But bears first re-tested the lows and made the double bottom:
I count that rally as a subwave c of wave (b) up.
There is a strong resistance formed by a cluster of fibs at 5,570 – 5,575 (the lower edge of the Red Box).
That is a confluence of a 50% retracement fib and our mighty 138.2% ext of the first leg up in subwave -a-.
The Secondary resistance for today is 5,569.50.
Break over the Daily resistance 5,525 opened the door for extension of the rally up to the Secondary resistance 5,569.
If that rally stops at 5,570 – 5,575 bears will have a short setup right before the key catalyst of this month, the FOMC rate decision to be announced at 2-00 PM EST.