$ES #ES_mini #Short Setup #Failed Breakdown
The Friday drop could be counted as a subwave -c- of a corrective -a- down, -b- up, -c- down corrective structure.

ES-mini 120 min chart
That is a very bullish scenario. But in that case bulls can not allow bears to violate the low made at 6,455 on Friday.
That type of a bullish consolidation called Running Flat is normally resolved by a strong short covering rally after a subwave -c- down makes a higher low.
However, we do not see that bullish reaction so far.
That makes me review a less optimistic scenario where bears violate the Friday low.
Let me show you why that scenario would still allow bulls to produce another rally after an initial drop:

ES-mini 15 min chart
We can count the high made on Thursday as a subwave (a) of wave ( v ) up.
We expect a corrective -a- down, -b- up, -c- down structure of the subwave (b) down of wave (v) up off the top made by subwave (a) of wave ( v ) up:

ES-mini 15 min chart
You can see that ES-mini has already played -a- down and a subwave -b- up shaped as a contracting triangle pattern. That micro wave count allows bears to produce a strong move down in a subwave -c- of (b) down of wave ( v ) up.
The idea is that bears van attack the micro support at 6,432 with potential extension down to 6,415), run protective stops left by bullishly inclined retail traders only to turn it back up again.
In conclusion:
- bears have a setup to break under the Friday low 6,455, push ES down to 6,432, undercut that level and potentially extend decline to 6,415, and
- If that drop is followed by a strong recovery back over 6,432, that would be a decent long setup for a 200 pts rally targeting 6,629.