I don’t have a ton to say yet on $ES. The bounce looks like a good impulse wave, nice and thrusty, no overlaps. It could be a “1,” or it could be an “A” wave:
- If a “1,” the pullback today was deep enough for a 2, in which case we should have an even larger impulse to the upside, or
- If an “A,” we could co deeper for the B, then head up to the C.
The strength of the move up, if we get it should hopefully help us to determine which of these two is more likely.