$ES - Market Analysis for Aug 23rd, 2018

If we bounce from here, then I will view it as a (1)-(2) setup to the downside for wave C of ii. This would allow for the C-wave to stretch down toward the .618 retrace at 2830 before bottoming, which sets up good confluence with the fibs for wave iii of (c) and various larger degree fibs. 2860 - 2864 ES is resistance for a wave (2).

ES U18 - Intraday - Aug-23 0913 AM (15 min)
ES U18 - Intraday - Aug-23 0913 AM (15 min)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.