ES & NQ - I have short term bearish outlook
ES did not produce any gap up expected by bulls at Friday close.
I still consider as highly probable scenario where the move up on Friday afternoon was a technical wave -x- up.
Under that scenario wave iv down has not completed yet.
ES may need another a-b-c down to retest 3,070 to complete wave iv down.
That is not a high probability scenario therefore I will not short here.
But I will be happy to go long if we get a-b-c move down.
ES - 15 min updated at 6-35 PM on 11-10-2019
On a bigger scale (240 min chart below) you can see that subwave C of wave 5 started at the low of 2,775.50 on 08-05-2019
ES still inside subwave ( c ) of wave ( iii ) up. The directional bias remains up.
More higher highs should be seen before wave C of 5 up may be considered completed.
ES -240 min updated at 6-35 PM on 11-10-2019
NQ confirms my short-term bearish scenario for ES-mini.
In fact it looks even more bearish that ES.
Look at the micro structure of wave -x- up
Note that b down of -x- up has made a lower low!
That is another Expanded Flat.
What Expanded Flat tells you?
It tells you, first, that is a corrective structure!
Second, the fact that a corrective subwave b down made a lower low under the low made by wave -w- down says bears are strong.
That scenario suggest move down in wave -y- of -iv down ideally targeting the lower boundary pf the channel that is simultaneously 123.6% ext at 8,160.
NQ - 30 min updated at 6-35 PM on 11-10-2019
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