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ES - we still have two alternative paths

We can see that ES has been consolidating after the strong rally that topped 3,220.50 on June 09, 2020.
The bullish momentum still supports the price (check out the thick dark green 200 MA that caught three swings down ).
The bullish count suggests that this rally has legs to go higher at least to 3,177 (76.4% ext of wave -a- up ).
Because this count considers that whipsaw as a corrective wave ( b ) up that has been following a complex structure I would be focusing on Nasdaq and SMH/SOXX that have been leading the market higher and their strength is what has been helping bulls early this week. One more higher high in Nasdaq and semiconductors should become a better topping signal.

ES - 240 min "Bullish" chart updated at 10-30 PM on 6-25-2020

The bearish alternative count we discussed yesterday is still alive.

However, we have several problems with that count:
1. Corrective wave ( b ) up does not have a-b-c subdivision; and
2. Corrective wave -ii- up does not have a-b-c subdivision; and(edited)
3. Corrective subwave -b- up does not have a-b-c subdivision;
Essentially all moves us have impulsive micro structure.
Too many flaws for a good count. This is why I call an alternative count.

ES - 240 min "Bearish" chart updated at 10-30 PM on 6-25-2020

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