$ES: Waiting for a Stronger Move Down

$ES #SPX #Elliott Wave

ES-mini has made enough waves to consider a rally off the April low completed. We expect a corrective (a) down,(b) up, (c) down structure to unfold.

So far we did not see any strong push down. That does not make me doubt that topping scenario. It’s pretty normal when a move down starts from small moves and then every new move gets bigger.

We can count the micro move down as a micro wave a down and the bounce that followed as a micro wave b up.

ES-mini 60 min chart

The key level for today is the daily Pivot 6,274.25:

Bears need to push ES back under that level to create down pressure targeting the Daily support 6,246.25.

The Month Opening Range:

The main support / weekly target is the green Monthly Support 6,227.25.

Break underthat level would trigger an acceleration of teh decline.

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