$ES: That Sharp Drop May Complete a Corrective Structure

$ES #ES-mini #Expanding Triangle

That drop can complete a corrective structure of the subwave -b- down of wave -iii- up:

ES-15 min chart

There are two levels of support:

6,723 is the Secondary Suport of the Day, and
6,711 is the Weekly support.

For that bullish scenario bulls have to close a day over 6,711.

posted at 12:39 PM EST

That sharp drop does not fit the bullish scenario shared in the morning. Let’s review a bearish scenario that argues that ES made an important top:

ES-mini 120 min chart

Bears undershot the strong support of the 33.3% retracement 6,684 and has almost tagged the next important support of a 41.4% retracement – 6,6653.50.

If ES-mini has topped (as shown on the chart), then this drop is only a subwave a down.

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