As long as bears hold ES under the resistance band 4,360-4,365 they have a great shorting setup for decline targeting 4,260 in a micro wave iii down. We need bears to break under 4,320 to confirm start of wave iii down.
Please note that we are in the OPEX week where Mondays and Tuesdays is when normally bears are the driving force. Bears failed to produce any decline within that time window. In contrast, Wednesdays and Thursdays of OPEX weeks tend to be bullish.
Therefore if bulls push ES over 4,365 we can get a strong short squeeze rally.
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