ES - pre-holiday week helps bulls to play a bullish count
In the weekend update I discussed two variations of the bullish and bearish counts:
The bullish count is shown below:
ES - 240 min "Bullish" chart updated at 10-25 PM on 6-29-2020
The bearish count shown below also allows one more push higher to re-test recent top.
Both counts allowed another push higher by ES to retest 3,170-3,220 resistance zone.
Bears had great chance to breakdown on Sunday evening but they decided not make huge bets on the short pre-holiday week.
ES - 240 min "Bearish" chart updated at 10-25 PM on 6-29-2020
During trading day on Monday I noted several times that if bulls manage to get over 3,050 that would be a bullish sign. And they have done that. This is how a micro count looks like now (see below).
We always look for i up – ii down setup at the start of any impulsive move.
We can count slow grind higher off the low made on Sunday evening as a micro a-b-c of wave i up. Before a stronger part of the rally in a micro wave iii up starts we should get a pullback in a corrective wave ii down making a higher low (in comparison to the low made at 2,983.50 on Sunday evening ).
ES - 30 min "micro" chart updated at 10-25 PM on 6-29-2020
Previous Updates:
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