When ES was making a new all time high it was not easy for me to keep repeating that I keep my bearish bias. I am very happy to have intelligent subscribers. I am sure vast majority of them did not believe me but at least they did not call me idiot. Now I will keep telling them that as long as ES stays over 2,850 I would maintain a bullish bias. Why I was so confident about coming drop last week and even new all time high did not change my mind? Because I identified a specific pattern in play called the “Expanded Flat”. This is a very tricky pattern that fool majority of traders. Because it first makes a corrective a-b-c move down labelled as wave ( a ). And then it strongly rallies to a new high painting a fake breakout. So many momentum traders buy that breakout only to see the market reverse and drop down hard. That drop concludes that (a)-(b)-(c) corrective pattern and rally resumes. Any corrective pattern and this one is not exception has the main goal is to change sentiment in the market. Remember, last week so many traders talked about new highs. And now everybody makes predictions whether ES drops to 2,800 or 2,700. This is exactly what a successful correction is supposed to achieve! In theory that final drop in subwave ( c ) down is supposed to be subdivided into five micro waves. Today we most likely bottomed in micro wave iii down. According to a textbook patter we may get a pullback in micro wave iv up followed by another push in the final micro wave v down that in its turn will complete that wave ( c ) down and will give birth to a new rally. However, in real life that wave ( c ) may terminate prematurely. Here I watch two most common extensions that normally stop wave ( c ) inside corrective (a)-(b)-(c) structures. First of all, its 223.6% which in this case points to 2,911.14. Today this drop bottomed very very close to that level. Sometimes wave ( c ) may stretch to 276.4% ext which is located at 2,883.50. Those two extensions are boundaries of my Green Target Box. This is where this correction most likely will complete.