ES Charts & Morning Update
The recent low in the ES at 2605 came just shy of hitting the 1.00 extension at ES 2600 for the entire move down off the recent ATH. Since that low we have now seen ES make a strong move to the upside. IF we have now seen the swing low for this move down in the ES then we now need to see it clear the resistance zone (2770 - 2862) shown in the Daily Chart .Below there 2824 is the key pivot now in the ES and while we are below that level we can still see further declines into the support zone shown in the 60 Minute chart.
Last week the ES pulled back and at the low reached the 88.7% retrace of the entire move up off the late October low. We need to see the ES remain above 2603 and preferably last weeks low at 2632 and make a strong move to the upside in order to confirm that local low is now in.. Should we see the ES take out 2632 and then 2603 then we are likely in the ALT 4 count shown in the daily chart. We will now need to see ES back above 2749 to rule out an ending diagonal down with yesterdays low being the bottom of the wave 3 in that potential structure.
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