ES

The equity markets had a sleepy day of trade. ES finished higher for its 6th straight session. Range was a pathetic 9.75 handles on what I show to be the lowest volume day of the year.

Structure still has not shown its hand for the bigger picture view. It continues to be a guessing game at this point.

Obviously, one of the legs off the 1015 L (pit session) has extended. I believe it is the 5th, as shown on the chart, however, you could make a case it was the 3rd.

I originally had a triangle in the (iv) wave, and it's still possible that it did. If so, then the sub-minuette degree waves would need to be moved up right. This would argue for one more leg higher.

Regardless, I have not placed a minute degree label at 1076.75 H, if structure is even complete up there. We will need to see what kind of price action takes place off that high.

We finally closed a gap - HOORAY!

I suspect that regardless of what specific structure we find ourselves in, the other's will be taken care of shortly.

Notice where price was rejected. This is the big corrective base channel drawn off the 971.25 L.

I also show a bearish count as an alternate. 7 waves up certainly suggest a double zigzag. This would mean that structure is tracing either a expanded flat or a triangle.

Who knows, I'm content to sit back and watch things unfold, as this is not my main trading market. I am still short via a handful of SPY puts, but nothing I will lose sleep over if I have to eat them.

I will keep looking for select spots to sell this pig, as I wouldn't dare consider being long - unless intraday. In my opinion, the math doesn't work on the long side here. You bulltards are welcome to all the upside this pig wants to give you.

Sorry for the lack of a weekend update. It was unavoidable.