Note how ES broke down out of the wedge formed since yesterday. Is it a shakeout before going back and breaking out or the perfect spot to attempt an hourly W5 short? Odds are 50/50 for now with the bigger picture still favoring a break of support at 2032/2033 in completion of the dominant wave sequence.
One thing’s for sure; they’re not making this easy for anyone.
UPDATE 10:30 A.M. EST
As feared, we’ve seen this setup play-out very often over the last 2+ years. False breakdown to breakout to…? So far, weekly pivot resistance has stopped the rally in its tracks, but with Monthly S1 providing support yesterday, another rip to the Monthly pivot at 2074.50 would not be surprising. Wave count is in tact for now with a new ABC structure identified inside the chop of the last two sessions.
