$ES #ES-mini #long setup
The macro count is bullish and allows bulls to produce a five wave up rally off the last low made on Nov 21st:
ES-mini 120 min chart
Inside a five wave up rally we normally have at least three major pullbacks / consolidations:
those bearish pullbacks are wave 2 down, subwave B down of wave 3 up and wave 4 down.
Quite often, in the course of a strong up trending market, those corrective waves may come not as a deep pullback retracing 66.7%-76.4% or even 85.4% of the preceding rally but as a flat and shallow a-b-c structures that retrace only 33.3% of the preceding rally.
Let’s zoom-in to a 15 min chart:
ES-mini 15 min chart
Ideally, I would like bears to push ES mini down one more time in a subwave -c- down.
A push down in a subwave -c- down would complete a c orrective -a- down, -b- up, -c- down corrective structure of a corrective wave -ii- down.