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ES - I can continue to expect at least a pullback or a turn down

As we can see price still holds over upward sloped 20 SMA on 240 min chart.

Wave iii is the strongest part of any five wave up structure and it tends to extend past targets.

It has been trending over 20 SMA.

ES - 240 min chart updated at 9-20 AM on 4-09-2021

I can make a case that ES has topped in a five wave up rally that started at 3,843 on March 25th.
The only problem with that count is a shallow wave iv down.

That shallow a-b-c down structure (highlighted with a yellow box) could be wave iv of one degree lower and in that case we are dealing with wave iii up.

I continue to expect a bigger pullback. Bears need to violate the first micro support located at the previous low made at 4,073.

The first target for a move down is the low made by the previous a-b-c down structure that bottomed at 4,056.50.

ES - 15 min chart updated at 9-20 AM on 4-09-2021

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