ES

ES closed negative for a second straight day (just barely). Range was 12 points and volume was slightly under yesterday's total. Basically, more of the same today - slow grinding consolidation.

Is structure still tracing a triangle? More than likely no, by definition, however, I suspect the end result will be similar. If not a triangle, then probably a combination of some type (double or triple three). The last structure may very well turn out to be a triangle.

It really doesn't matter what the final structure is comprised of. We should resolve this mess to the upside to complete A. It appears that we have not corrected enough in time. When that time element has been satisfied we should start impulsing upward.

This correction has been the biggest, in terms of both price and time, since the 865.25 L. I really believe that this has to be our minor wave 4 (white). This would mean that minor 3 (white) ended at the 976.50 H.

Generally, when wave 3 extends the 5th tends towards equality with wave 1. 1 was 19 handles, so 19 handles from the end of 4 should be an area of "heads up". This is by no means a certainty.

The smallies damn well knew GS would ramp it at the end of day, just like they do everyday.