ES

ES started out slowly in a little corrective, but soon gathered speed to the downside in impulsive fashion as expected. We found support at a virgin POC (point of control) from 5/1 while finishing our structure. From there GS goosed her into the close.

We had a 18.25 point range today - basically in line with our recent average. Volume expanded again today for our biggest volume day since 6/10 and well above the 20 day average.

Have we really finished C down? That's the question. You will notice that I have question marks next to my cyan subwaves. Well folks, we either have indeed finished C or something else is in play - like we just finished 1 down. Whatever this pos structure down we had, it appears finished.

The bounce we had off of 65.25 sure looks impulsive to me. We have had 5waves up with no overlap. That doesn't mean the downs are done necessarily. This could be an ABC corrective. 898.25 will be the tell. If price trades above this number then the downs are more than likely finished. That's the line in the sand.

Here is how the bigs and smalls fared (sorry for the line in the middle).











Here is a 15m RTH chart with the H/S neckline. Notice the battle that has taken place at that level, which is very much expected, by the way. I suspect we haven't seen the last skirmish at this level.