ES - if bulls hold that rally that would make me switch to this ultra bullish scenario

At this moment ES has technically invalidated the bearish scenario that argued ES would make one more lower low to complete wave -B- down.

If ES manages to hold that gain by Wednesday morning that would let us conclude that the whole A-B-C down structure of wave (B) down has completed and a new rally in wave (C) up has started.

Sometimes we get that shallow subwave (B) down of wave ( 5 ) up.

Under that alternative bullish count ES has started another huge rally in subwave (C) of wave ( 5 ) up targeting 5,000 (123.6% ext of subwave (A) up).

That rally would have an impulsive structure. And under that structure would be considered as micro wave ( i ) up.

The main problem is that moves during that election night can be unsustainable. But, again, if bulls manage to hold that gain over 3,410 by morning hours I would switch to that alternative Bullish count.

ES - 120 min "Alt Bullish Scenario" chart updated at 10-50 pm on 11-03-2020

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