ES

ES had follow through to the upside today on with a big gap up. Range was 21.25 handles, while volume was just average

In all likelihood, the scenario that would have had minor C completing at the 1075.75 H is dead. It is still possible that we have traced a couple of 1's and 2's, but at this stage it's not very realistic based on structure.

So what's going on then? I have about 5 different scenarios that make or could make sense, but it is all speculation at this point.

We had a 5 wave structure off the 971 L followed by a corrective 3. This was then followed by another 5 waves off the 986.50 L to the 1075.75 H, before our clear 3 wave corrective down to 1012.

Off the 1012 L, it is unclear if we have had 5 or 3 waves. My guess is we have only seen 3 thus far. The apparent wave 1 is a mess. Leading diagonal? Who knows - who cares. It will clear up soon enough.

There is still a better than average chance that we are tracing an intermediate degree corrective. A flat or triangle could play out off the 3 wave move down to 1012.

I show a bullish count of a minuette degree (i). It is possible that this will turn out to be an (a) wave of a triangle or flat.

I'm not going to go through all the details of each possibility, as I have already spent too much time tonight on this pos market.

We need to see further price action to see exactly what structure is up to.

Nice rejection off the broken channel. Made for a nice short setup. I averaged in some SPY puts (had 107's from yesterday and 108's today) up there.

I unloaded the 108's and 1/2 my 107's for a smallish profit. I could have been completely done at break-even. Oh well, I just have a handful left.

In my opinion, todays gap has little chance of NOT being filled within the next couple of days. Who knows, maybe it happens tomorrow as today was suppose to be a KoolsTools cycle peak day.