$ES - Market Analysis for Jan 18th, 2019

Futures are trading slightly higher again this morning, so it looks like ES may want to attempt a more exact test of the measured move resistance target where wave a=c off the December low at 2655.50. Otherwise, a break back below 2625 ES is now needed as the initial indication that a local top may have been struck and price is finally attempting a corrective pullback as wave B of (B). If 2655.50 is exceeded to the upside, then the larger .618 retrace at 2692.50 would be the next major resistance above. However, if price were to extend all the way up that high from here, I would consider that all of wave (B) might be finishing off at that point rather than just wave A of (B) as we're currently tracking.

ES H19 - Micro - Jan-18 0556 AM (2 hour)
ES H19 - Micro - Jan-18 0556 AM (2 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.