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ES - may drop to 2,870sh
Most likely ES-mini has topped and we are dealing here with the first (a)-(b)-(c) down off the top. The final wave ( c ) may target 2,877-2,873 (123.6% ext of the first leg down in wave ( a ) down). But there is always a chance it may extend to 176.4% ext (2,856) or even 223.6% ext (2,840). That wave ( b ) may play a dirty trick and make another push higher. I would take it as a good short because that potential push higher will make that structure of that advance off the low made last Thursday really ugly and corrective looking. My plan for this morning either to cover shorts if we get a drop or add to shorts if the market manages to make another push to recent highs.
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