ES

ES had its 7th positive gain day out of the last 8 sessions. Volume was well above average and range was 13.75 handles.

Here is the 15m pit session chart again. I have made a couple of minor changes.

I stated last night that this leg may complete a minuette degree wave. That is certainly possible, but I believe the odds are low of that scenario. It would just be to big of a wave for that degree imo.

The count I have labeled on the chart, may in fact, be to small as well. I have a couple of alternates at the bottom.

The problem that I'm having is that if the 1038.75 H completed a minute [i] wave, then we basically have no room for a [iv]th corrective. Wave 4's can not enter the price territory of wave 1's.

It is clear to me that we are very close to ending this leg from the 986.50 L. So, you can see the dilemma. Perhaps the bottom count is correct and this pig is almost done with the bear rally? It's possible, however, that's not my preferred count.

We need to pay attention to this move off the 1029.50 L, which I have labeled as a sub-minuette iv. This could actually be playing out as an ending diagonal. You can make a case that my micro [1] is a 3 instead of a 5, which is how I'm currently counting it.

I have placed the boundary lines on the chart - should this play out.

The key will be that [4] needs to close in the price territory of [1], and [5] will need to be shorter than [3].

I had to leave early from the market today or I would have been selling this pig at the upper pink boundary line. This looks very wolfe wavy to me. Target will be the bottom pink boundary line.

My guess is that this does not play out as I have shown. Structure suggests that we have a little more upside price action needed.

I see that the bigs unloaded in the last 30 minutes.

I also see that the 2 bar daily price projection (KoolsTools) was basically met today at 1052.50. I had several fib ratios that fell on that number as well.

I'm not sure the Bradley turn date did much - at least yet.