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ES - two bearish alternatives
We have got (a)-(b)-(c) down. That could be A down followed by B up (primary blue count). And off the top of that B up (2,938) on 5-06-2019 we could get a large impulsive decline in C down. We have got an impulsive drop yesterday but it is not strong enough for that C down.
Now let’s talk about an alternative. May be it is unfolding -W-X-Y- structure (red alternative count). Then the first (a)-(b)-(c) down was wave W, then pullback that topped at 2,938 on 5-06-2019 was a corrective -X-. And then yesterday drop was the first leg down in wave A of ( -Y- ). And the weak rally we see here is wave B up. Then as soon as it tops we need another decline in wave C equal or longer than the drop we got yesterday