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ES - stretched higher as expected
As we expected, ES stretched higher to 76.4% retracement in the first leg ( a ) down and up to the edge of the unfilled gap down dated back to 12 May 2019.
Now we can see a nice completed micro structure of wave c of ( b ) up. I mean you can easily recognize micro wave iii up, iv down and the final push in micro v up to a new high.
Is that a sure thing short setup? I keep telling my followers that corrective wave b in direction of the main trend, which is still up in our case, are tricky. Their structure and size are hardly predictable. In many cases they manage to get very deep retracing up to 100% of the preceding move (wave ( a ) down ). If you decide to fade them play with caution and trade small.