ES is approaching a confluence of:
– 76.4% retracement of wave i up; and
– 123.6% ext of subwave a of ii down.
If bulls manage to reverse this decline at that level that bullish i up – ii down setup still may deliver a rally in wave iii up.
NQ still holds inside the tight range 7,683 – 7,376. It has the very same wave count.
That consolidation may be counted in a bullish way as wave i up followed by a corrective decline in wave ii down.
As long as NQ holds over support at 7,376 Bulls may play a rally in wave iii up out of that tight consolidation.
Before I trade this I would like either bears or bulls kick price out of that range.
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