ES Charts & Morning Update

ES futures are trading flat so far this morning. Yesterday we saw the ES drop sharply in the Sub Micro Degree Wave (c) of Micro Degree Wave 2. ES reached just shy of the 76.4% retrace of Micro Degree Wave 1 and then bounced strongly into the close gaining 26 points up off the days low.

Ideally we have now seen a longer term bottom at yesterdays low and should now see the ES push much higher in the Micro Degree Wave 3. Initially we now need to see ES complete a full 5 Wave structure up to the 2938 area (61.8% extension) and then hold a corrective pullback in order to confirm the pattern up to our long term targets at 3200+.