es1! retests 5k

es1! appears poised for a larger move down, based on the smaller timeframe count [which i will not share in this post or any public post].

this leads me to believe that es1! has entered a larger fourth wave. historically, these waves take an average of 2 months to play out and typically result in a 12% decrease from the high before completing.

wave 4's often retrace back into the territory of the prior degree's wave 4, and i expect this one to follow suit.

pay attention to the green trendline i've drawn on the chart,,, it serves as a solid guide for where i anticipate es1! to find a bottom. dipping below the trendline is acceptable, provided we don't see any weekly candle closes beneath it. even if a weekly candle does close below, a strong recovery the following week, such as a gap-up scenario [think island reversal pattern], could invalidate the breakdown.

there’s not much else to add here, as the chart is fairly straightforward. keep an eye on the trendline and monitor weekly closes for confirmation.

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