$ES: Has the Wave (iii) up Topped?

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$ES #ES-mini #trading setup #Elliott Wave

ES stretched high enough to hit the typical target for the strongest part of the rally, in subwave (c) of wave ( iii ) up:

ES-mini Daily chart

Specifically, ES-mini has hit a 138.2% ext of the subwave (a) of wave (iii) up = 5,268.

Based on that macro wave count bulls should be careful because it is possible that the wave (iii) up has already topped.

The micro count still argues for one more push higher:

ES-mini 90 min chart

We got a relatively strong move down during the first two trading days of April. The first three days of a new month is normally a volatile 3-day period when the market expands the “Monthly Opening Range”.

Quite often, the market plays a quick two day pullback that follows a strong rally that culminated at the end of the previous month. Quite often such a pullback is a two day wonder that is followed by another push higher.

ES-mini dropped under the weekly support and made a daily close under 5,267. That breakdown turn the trend down. Now bulls need to make a daily close over 5,290 to turn teh weekly trend back up.

The Secondary daily support for today is 5,237.75.

The Broken Daily support-turned-resistance = 5,282.

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