ES - bears are approaching 4,335 resistance
There is a bearish scenario we need to keep in mind. The strength of the drop and strength of the following recovery do not really support that scenario.
However, we should be aware of that scenario because that -a-b-c-up move today so far looks like a bounce in wave -iv- up.
ES - 240 min chart updated at 12-50 PM on 10-01-2021
The drop last night was a climatic emotional decline, a textbook completion of wave ( c ) down. Therefore, I consider the bullish scenario that considers the low made yesterday night as the bottom of wave ( c ) down as equally probable scenario.
Under that bullish case that micro a-b-c move up off the low is either wave -i- up or wave ( a ) up to be followed by a corrective a-b-c down zig-zag.
Under the bearish scenario ES should fail at the Red target box, turn down strongly and drop to the overnight lows in an impulsive fashion.
ES - 30 min chart updated at 12-50 PM on 10-01-2021
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