According to the Harmonic Elliott Wave theory, wave A of 5 normally targets the previous top reached by wave 3 up. In addition, wave A of 5 should have an impulsive structure meaning that it should be subdivided into five smaller waves. Let’s have a look below on the actual 4 hour chart of ES-mini.
On the 4 hour chart below you can see that ES is retesting the previous top made in September 2018. And it has completed five waves off the December 2018 low. You can see that its final wave ( v ) has drawn a pattern recognized by conventional technical analysts as a bearish wedge.The lower trend line and the upper trend line forming the wedge both look up. But the slope of ascent of the lower line is steeper. That is a sign that bears have repeatedly defended attempts of bulls to breakout through the upper trend line.
I expect ES to breakdown under the lower trendline and at least reach the Target 1.