ES - found some support at 4,560
My very bearish scenario expected ES to drop harder today, at least to 4,640.
However, ES found support at 4,660.
That makes the most bearish scenario much less likely and makes me consider two scenarios where ES would play an a-b-c up corrective bounce.
Under the bearish count we can get another bounce before another leg down starts.
Bulls can test resistance of that blue trend line that stopped the morning rally.
Failure at that resistance would be a very bearish setup for a larger decline to 4,500.
ES - 30 min chart updated at 8-30-pm on 11-30-2021
Below I show one more short-term bullish count that I can call my favorite scenario.
We can count that decline as a clean completed five wave down structure.
The structure is overlapping, that means that (i) a corrective bounce in wave iv up entered the territory of wave i down and (ii) wave iii down stopped at 138.2% ext and wave v down bottomed at 176.4% ext.
That means the corrective a-b-c up bounce may retrace a substantial part of that decline.
The first leg up in subwave a up may tag 4,618.50 or even 4,633.50
Then we may get another bearish test of that 4,560 support that stopped decline today.
If subwave a up stretches to 4,633.50 then subwave b down may find support at 4,590.
ES - 30 min chart updated at 8-30-pm on 11-30-2021
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