$ES #ES-mini #Running Flat
The big picture remains to look bullish. Bulls have a lot of room to push ES higher up to 7,300:

ES-mini 120 min chart
There are two ways of counting the Christmas rally (the push up we got this week). The first way is to It is possible to count it as a subwave -a- up of wave -iii up. In that case ES may consolidate produce consoildation in a subwave -b- down of wave -iii- up.

If we count the push up as a subwave -a- up of wave -iii up the micro count allows bulls to push ES higher one more time to 7,000. Then we can expect a flat a-b-c corrective consolidation in a subwave -b- down of wave -iii- up.
There could be an alternative slightly different way of counting the Santa’s rally.

ES-mini 60 min chart
Bears may argue that the push up we got this week is a corrective subwave -b- up inside a very bullish Running Flat structure. To complete that Running Flat structure bears should produce a quick drop in a subwave -c- down and tag the Green Box.
A quick drop down to 6,893 would provide bulls with an attractive long setup for another five wave up rally targeting 7,300.