If We’re Bullish, We Would Probably Rally from About Here

As you know, I’ve been hoping for a larger pullback, however, I also cannot ignore the fact that, as it stands, we can count 5 waves up on $ES, and 3 waves back (taking us close to the 50-61.8% retracement of the bounce off the 9/20 low). The potential is there for a 1-2 impulsive structure. So long as we remain above the orange box beneath us we may move up. I would keep a close eye on the overhead trend line.

If this is a 1-2, we may target the orange box above us.

ES

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