$ES #Elliott Wave #a-b-c down off the top
Under the Very Bullish wave count ES-mini only topped in a subwave -a- of wave -iii- up:

ES-mini 120 min chart
That wave count argues for a flat and shallow a-b-c down consolidation in a subwave -b- down of wave -iii- up.
That flat and shallow consolidation would build a base for another accelerated rally in a subwave -c- of wave -iii- up targeting 6,670 – 6,750.
Subwave a down may find support at 6,240 – 6, 227 (Monthly Support).
2. Now lets talk about an alternative Topping // Short term bearish scenario:

ES-mini 60 min chart
We can attempt counting the whole move up off the early April low as a completed five wave up structure:

ES-mini 60 min chart
Under that count bears should be able to produce a large (a) -(b)-(c) corrective pullback with two potential targets:
- target 1 for the subwave (a) is 5,988, and
- target 2 for the subwave (c) is 5,850.
The Monthly support for July is located at 6,227. To confirm the bearish scenario bears need to produce a daily close under the Monthly Support 6,227.
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