Recently I have been posting ES long ideas calling for a wave 3. Unfortunately, it seems that these calls were premature even though it would have been profitable for the short-term that the idea was published. The recent move down has led me to revise my counts again. This time, however, it is still a bullish call.
There are a couple noteworthy items in the recent setup: 1. The recent low (3020.25) was just 2 ticks away from the previous low made on 24th Jun (3019.75), a major support zone. 2. The leading diagonal that I've drawn has the 3rd wave and 5th wave of equal length.
I would say that this idea will be invalidated if price breaches the low of 3020.25.
Note that the "leading diagonal" can also be read as a "triangle", which means that one last leg down. So even if price goes down, the risk-reward is already beginning to favor the long side.