ES-4-12-19-8-08-AM

The red target box is located in between 2,913 and 2,925. But as I warned in the video I posted last night, it can overshoot the box when bears have to cover shorts in the very final emotional spike up. I keep teaching students of my course that I always care much more about a completed structure rather than about the specific price level itself. We need to get a completed five wave up structure in this rally before we can call the move completed and talk about shorts. That looks at the moment as micro wave iii up of this micro rally of the yesterday’s low. And we can conclude we need to see a pullback in micro iv down and the final push higher in a micro wave v up. We apply the Five Wave fractal to any trending move in any direction on any timeframe.