ES

Quick take on my view of ES.

My guess is that minute [ii] has not completed as of yet.

I show the 1057.50 H as finishing minuette (a). Wave (b) looks to have traced an expanding flat. If this is correct, (c) up should follow.

If (b) has completed, which is not clear, upside targets are the blue fib set. Equality comes in at 1073.

The retracement levels of [i] are on the chart.

I was anxious to see how price would react to the meeting of the channels. Not surprisingly, they decided to gap it over, instead of the hand to hand combat alternative.

It should be noted that [ii] may very well have finished at the 1058.50 H, where I have b. The minimum requirements are met at that level. This is not my view, but it is certainly possible.

Bottom line - I am expecting (b) to finish up in short order, if not already. From there, we should see 5 sub-minuette degree waves up to complete (c), and thus [ii].

Scalpers like me, should find this leg up very tradable.