ES Bull Vs. Corrective Near Term Scenarios

ES-- heading into the final two hours of trading, the price structure continues to carve out a high level digestion pattern that appears to be taking the shape of a bullish Coil, which usually resolves itself to the upside to continue the underlying trend.

If such a scenario does unfold, then in the hours ahead-- through potential China trade headlines this afternoon that trigger algo buy programs, and thereafter, into tomorrow AM's Jobs Report, ES will point to a thrust target of 2900-2910, where it will be vulnerable to a correction.

Conversely, in the event ES rolls over for some reason (can you imagine why?), and breaks support at 2869/71, then the price structure will be vulnerable to the correction scenario sooner than later, and will point lower towards 2840... Last is 2877.50

4 04 ES 145 GIF
4 04 ES 145 GIF

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