ES

The equity markets had an expected rebound day today. Range was 19 handles on well below average volume.

What was not expected was how deep this retrace has gone. This calls into question whether this is an impulse or nothing more than a corrective.

Structure has been crap so far. This doesn't rule out a impulsive structure down at all. It just makes it questionable. It looks like a beautiful ABC to me.

I have put an alternate count at the bottom of the chart. It will remain my alternate until price action dictates it needs to have preferred status.

Before the bulltards get to excited, the move up from the 1015 L (pit session) is clearly corrective with choppy overlapping waves. It appears to be a double zigzag.

If this is correct, then the 1015 L will be taken out, regardless of what form the waves ultimately take.

We need to see additional price action to determine if this is nothing more than a corrective, or just an awful impulsive structure.

Tomorrow is cycle peak day.