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ES - the primary count argues for a pullback before a breakout

A conservative bullish scenario considers this rally as a micro wave i up.
[9:14 PM]
Either it has topped already or needs one more push higher to 4,730 – 4,740

But either it has topped or stretches higher one more time we should expect a corrective wave ii down.
Bulls really need to stop that decline over 4,625.

That would make ES look like a bullish Inverse Head and Shoulders.

In contrast, if bears manage to drive ES under that green line located at 4,625 bears will consider that as a complete bearish reversal Head and shoulders pattern where the green line is the neck line.

ES - 120 min chart updated at 9-20 PM on 12-08-2021

Under the alternative less probable and more extreme Uber Bullish scenario bulls can keep pushing ES higher to 4,790 with very shallow pullbacks.

ES - 15 min chart updated at 9-20 PM on 12-08-2021

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