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US Stock Indices

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Both, the bearish and the bullish scenario allow bulls to push higher after completion of this a-b-c down pullback

We still can count that rally as part of a large corrective bounce in wave B up to be followed by a strong decline in wave C down. Under the Bearish count we are dealing with a corrective (a)-(b)-(c) up bounce of wave B up.
The ideal spot for wave B up to top is 66.7% retracement of the September decline = 4,459.

Please bear in mind that in the course of bull market the majority of waves B up tends to morph into new rallies stretching to higher highs.

Shorting a strong wave B up is the second worst trading setup after shorting wave 3 up!

ES - 240 min chart updated at 9-10 AM on 10-08-2021

Under the bullish count that consolidation is just a temporary pullback in subwave b down of wave iii up. It should be followed by a very strong rally in subwave c of wave iii up.

ES - 30 min chart updated at 9-10 AM on 10-08-2021

Note that under both, the bearish and the bullish scenarios, Bears can push ES lower again to complete a micro a-b-c down pullback off the high made on Thursday.

ES - 30 min chart updated at 9-10 AM on 10-08-2021

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