ES

Another day of bear rally highs that couldn't hold. We had decent range at 19.75 handles and actually decent volume as well.

I show a i, ii with today's price action, but have a very low confidence in it. Just doesn't look right to me. Feels like we should be further along in the count than what I have it.

I sorta like my alternate with a triangle tracing. What I don't like is the break of the channel. I'm also not thrilled with the divergences that are showing.

I would like to be bullish for higher price due to where I have us in the count, but something is bothering me about structure and internals here.

The daily candles are looking like they did back in mid June. Those are not bullish candles folks. We had about a weeks worth of 'em back then. A big downside break followed.

I'm not suggesting that is what is going to happen, though it certainly could.

We could very well still be in minor B tracing an expanded flat, but I don't think so. I'm more apt to think that this is [v] of A, as crazy as that sounds.

Not real sure exactly what's going on - I just know I don't like it.

Bottom line - price should continue higher if I'm any where close to being right about structure, however, I think something is wrong here. Call it a gut feel.