ES1! morning update
Lots of ways to interpret price action off low of 4963.50. This count interprets price movement as a regular flat.
From low of 4963.50, there are two impulse waves (red and orange ellipses) with correction in between forming the ((A))followed by a correction (yellow ellipse) forming the ((B)).
From 5022.25, you have a large five-wave structure forming the ((C)).
The contract change (green ellipse) adds a wrinkle in interpreting the count of wave (5) of ((C)).
Regardless of how you count this, I think that price will most likely find its way towards the 5000 level again, and either bounce off it (bulls) or continue past it (bears).
From low of 4963.50, there are two impulse waves (red and orange ellipses) with correction in between forming the ((A))followed by a correction (yellow ellipse) forming the ((B)).
From 5022.25, you have a large five-wave structure forming the ((C)).
The contract change (green ellipse) adds a wrinkle in interpreting the count of wave (5) of ((C)).
Regardless of how you count this, I think that price will most likely find its way towards the 5000 level again, and either bounce off it (bulls) or continue past it (bears).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.