Target objective reached, now support needs to break

Despite the slight overthrow above yesterday's high that we saw this morning, our expectation for further downside today played out nicely.

Price has since tested the support region that should hold if one more high in this rally off the February bottom is going to be seen, but otherwise without any convincing setup off today's low that it intends to follow that path yet.

Therefore, I give better odds of a top already in place for wave b of 4 shown in blue, but until 2753 ES is taken out followed by 2744 ES, one the potential for one more high in red wave (5) will remain on the chart.

ES H18 - Micro - Feb-27 1216 PM (30 min)
ES H18 - Micro - Feb-27 1216 PM (30 min)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.