ES

ES grinded higher today on below average volume. Range was 13.75 handles. Very sleepy price action.

It appears that we traced out the majority of minuette (iv) today. I would not be surprised if they took care of the remainder during globex.

I am assuming that we completed (iii) at the 976 L. It is possible that was in fact (v). If (v) completed down there, we may have finished minor B. That is my alternate count. As always, there are other options.

The line in the sand for my current count is the wave (i) L at 992.25. If price trades through that, then we know something else is in play. Perhaps, a (i)-(ii), i-ii scenario, but I doubt it.

AB = CD at 989.75. The 50% retracement level of (iii) sits at 991.25. There is also a nice trend line directly above. Not a lot of room for error here folks.

Both started accumulating early and continued all day.

For all the buying that took place, price sure didn't seem to reflect it.

Watch your channel folks. It will let you know when (iv) has completed.

Edit: failed to mention that I bought a handful of SPY puts at the close. Trying for a quickie here with the August 102's. Hope my count is right!