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ES - two bearish scenarios point to extension lower to 2,800
From my yesterday post you know that were several alternative bearish scenario.
Let me update you on that:
Simple Zig-Zag ( the most bearish ).
Under that scenario we are in the strongest part of the decline, wave ( c ) of ( iii ) down. And the minimum target is 2,800.
The rule is wave ( c ) of ( iii ) should be at least 123.6% of wave ( a ) of ( iiii ) and wave ( iii ) should be at least 176.4% of wave ( i ) down.
That gives us a confluence 2804-2801.
ES 3000 ticks count under the "Bearish" Simple Zig-Zag count - updated at 11:20 AM on 5/9/2019
There is another much less bearish count where ES has been following a Double Three W-X-Y structure.
W-X-Y is a corrective pattern connected of a pair pf A-B-C’s.
ES 3000 ticks count under the "Less Bearish" W-X-Y count - updated at 11:20 AM on 5/9/2019
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