ES possible completion of corrective wave
ES has retraced nearly 50% of its impulse wave. This sets it up for a short once the MA's and MACD turn bearish. Will be watching next week to see price action. I am still not quite bearish yet as the momentum has been so strong to the upside this past week. I am sure there re many traders wanting to short, but as we know, the market tends to punish the crowd. I am seeing more people online calling for a more prolonged downtrend, which might be still the case, but the market has a tendency to burn the crowd first, then proceed on its longer term trajectory.
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.