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Bulls have two micro paths to a new all time high and completion of that rally

We still have two very same scenarios that allow bulls to push ES to a new all time high before this rally completes.
  1. The bullish one allows bulls to push higher from here to tag the Red Target box and then come back down to re-test the breakout level at 4745-4735:

ES - 120 min chart updated at 8-30 AM on 12-30-2021

2.The micro bearish one argues that wave iii up has topped and a corrective wave iv down is still underway. Under that scenario the critical support is 4745-4735. If bulls manage to stop a pullback at that level they will be able to produce another push higher in a micro wave v up targeting 4,850.

ES - 120 min chart updated at 8-30 AM on 12-30-2021

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