ES possible completion of corrective wave

28 Mar 2020

ES has retraced nearly 50% of its impulse wave. This sets it up for a short once the MA's and MACD turn bearish. Will be watching next week to see price action. I am still not quite bearish yet as the momentum has been so strong to the upside this past week. I am sure there re many traders wanting to short, but as we know, the market tends to punish the crowd. I am seeing more people online calling for a more prolonged downtrend, which might be still the case, but the market has a tendency to burn the crowd first, then proceed on its longer term trajectory.