ES - will be waiting for test of 2,400
ES played the first corrective a-b-c down off the top made on Thursday.
On Sunday night ES opened with a gap down and bears did not even try to push lower to the Demand Zone at 2,400.
Now its clear that since the opening on Sunday evening it has been in a corrective wave B up.
I would like to get the full A-B-C down structure off the top made at 2,634.50 last Thursday.
That would let us look for a short setup.
At this point we may expect several very different micro paths for that corrective wave B up.
One of the alternatives is shown below and suggests that subwave -b- down may be in and ES may push higher in -c- of B up targeting 2,590 – 2,620. Then ES may decline in wave C down targeting at least 2,400.
ES - 9,000 tick bar chart updated at 8-55 AM on 3-30-2020
Another alternative shown below suggests even more whipsaw action. I would note that both counts suggest that we should get wave C down targeting at least 2,400 level.
That A-B-C move down making a higher low would let us talk about a long setup.
Taking into account we have several scenarios I do not see a good trading setup right here.
ES - 9,000 tick bar chart updated at 8-55 AM on 3-30-2020
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