ES/ SPX - another shallow pullback re-testing the previous top would let bulls push even higher
If bulls manage to stop the next pullback at 4,480 – 4,470 (re-testing the top made by wave iii up) that will be a setup for another push higher in subwave c of wave v up that can climb as high as 4,578-4,585. To confirm completion of this rally bears have to push ES under 4,424 (the low of wave iv down).
SPX - 30 min chart updated at 10-30 PM on 3-22-2022
I can count the move up we got on Tuesday as the final wave (v) up.
It’s not clear at the moment if that wave v up has topped.
We need bears to violate the low made by corrective wave iv down to prove that the five wave up structure has topped.
The final leg up has been squeezed in between of two contracting trend lines.
It’s reasonable to expect bears to push ES down at least to re-test the broken upper trendline forming the channel.
That means ES should test 4,480 – 4,470, the top of the previous micro swing up.
If bulls manage to stop that decline at that support we can get another push higher.
ES - 60 min chart updated at 10-30 PM on 3-22-2022
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