Bulls still have a feasible path for another sweet rally
The one million dollar question is whether ES can squeeze one more push higher over 4,000.
To answer that question we need to check if bears manage to violate any critical support in the course of the previous decline.
The critical support is located at the low made by subwave -b- down of wave -iii- up (3,656.50).
And bears did not even challenge that support.
Therefore we can count the corrective -a-b-c- move down that bottomed at 3,720 as wave -iv- down
If that low made last Friday was the bottom of a corrective wave -iv- down then we should get the final wave -v- up targeting a new all time high.
But that move up should not be a straight move up but rather should follow a standard a up, -b- down, -c- up move where -c- up would most likely be the strongest and the most emotional part of the move.
This rally off the low made last Friday is subwave -a- of wave -v- up.
ES - 240 min chart updated at 10-00 Pm on 3-10-2021
I can see the following path for subwave -b- down and subwave -c- up into the beginning of April 2021.
ES - 240 min chart updated at 10-00 Pm on 3-10-2021
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