I think that if one is to interpret the move from 5333.50 to 4963.50 as an impulse wave, this is the best way to do it. Wave 1 of the impulse (orange ellipse) is a contracting leading diagonal. The proposed ES1! impulse wave down correlates nicely with NQ1!'s price action (NQ1! has an expanding leading diagonal in its impulse wave).
If the impulse wave from 5333.50 to 4963.50 is correctly identified, then wave 2 appears to be a double-three, with a proposed (c) of Y of 2 at or near completion. Bears would be looking to sell ~5148.50-5192.25. I don't think going long at this moment would be the best idea; bulls should have gone long yesterday.
Bulls wanting to get in now are likely waiting for more price action into the 5200-5300 range and looking to buy dips from there. Bears are likely closing long positions and/or entering short now.
If the impulse wave from 5333.50 to 4963.50 is correctly identified, then wave 2 appears to be a double-three, with a proposed (c) of Y of 2 at or near completion. Bears would be looking to sell ~5148.50-5192.25. I don't think going long at this moment would be the best idea; bulls should have gone long yesterday.
Bulls wanting to get in now are likely waiting for more price action into the 5200-5300 range and looking to buy dips from there. Bears are likely closing long positions and/or entering short now.