$ES - Market Analysis on Jul 23rd, 2018

The market turned positive today, following expectations laid out in the pre-market update this morning for a near-term move higher as wave (C) of a larger flat off the low made Friday morning.

There is still a good chance of this bounce being corrective though, filling out a B-wave flat before turning back down in wave C to complete the wave iv in blue or wave b in red. The subwave structure of wave (C) of B looks incomplete though, so another micro 4th and 5th can still be seen with 2813 ES as resistance above before turning back down in the circle C-wave.

Otherwise, to assume anything more immediately bullish at this time, a breakout above last week's high would be needed to open the door to 2840 - 2850 next.

ES U18 - Micro - Jul-23 1223 PM (1 hour)
ES U18 - Micro - Jul-23 1223 PM (1 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.