Its Wednesday morning but nothing has changed since my Sunday weekend update.
The rally looks having run out of steam. Even though it has made a higher high over the Aug’24 high it still can be a corrective subwave -b- up. Under a tricky Running Flat scenario bulls can even tag 5,830 resistance before ES rolls over.
If that rally is a corrective subwave -b- up it should be followed by a drop in a subwave -c- down making a higher low targeting the Green Box
ES-mini 60 min chart
The critical level of support is the breakout level 5,721.
If bears fail to break under 5,721 bulls may trigger a very bullish scenario:
ES-mini 60 min chart
Failure to break under support 5,721 would allow bulls to start an accelerated rally up to 6,000.