ES

ES was basically up the entire session, until the eod sell-off. Range was a nice 25.50 handles and volume was strong.

We gained even more clarity of structure with today's price action (sorta). It appears that we had a double zigzag down to complete minuette (a). This finished at the 985.75 L (give that man a "BINGO!"), which was talked about in last nights update.

We clearly had a 5 wave move off that low that finished at the 1011.25 H. I have labeled this as sub-minuette a. If my interpretation is correct, we should have a little correction and then another 5 waves up.

This would complete c and thus, minuette (b). Remember, a corrective always completes in 3 waves, either a 5-3-5 or a 3-3-5.

Based on the structure off the 1016 H, we can deduce that this minor B will take the form of a flat or triangle. I have previously mentioned in the last few weeks that an expanded flat made a lot sense to me. It would trap the dippers and nail stops of a lot of shorts.

Unfortunately, there is the possibility that A is STILL tracing. I'll be glad when I no longer have to say that.

There were a couple of nice setups today. The first being the initial move to the 1007.75 H. Notice the magenta dotted line running across those tops. This was also the completion of the [3] wave (not shown). I had additional numbers there as well.

Secondly, look where the [5]th had help deciding where it would finish. Right at the median line. In addition to a couple of numbers, this was also the 15m deadly and the 60m projection. Stone wall folks. Naturally there was divergence, like all 5ths.

Very interesting look at the bigs and smalls breakdown. The smallies made their net highs at 1004.50. From there, they basically sold the remainder of the day.

In contrast, the bigs didn't start to puke 'em up until the 1011.25 H.

Bottom line folks, I expect some correction of this a leg, which could already be complete, then a resumption of the upside until we have another 5 waves. At that point, we should begin to have downward pressure. This assumes that we are in minor B.