ES Short Idea Based on Bear Flag Using WT5 Elliot Wave and BITS The ES is currently in a daily bearish pennant formation which coincides with a 4th wave retracement on the 240 min time frame. While price retraced into the "Red Zone", other indicators still point to a short trade at either the break of the bearish pennant pattern (around 2905) or the taking entry at the BITS signal which has formed just below it (entry at 2883.75.)
A target sitting below the 2800 mark is reasonable, however you can expect turbulence just above it - between 2825 and 2810.
