ES

The equity markets sold hard today (well actually last night). ES had a range of 28.75, which is very misleading. Most of that occurred in globex. Pit session range was 9.50. Volume spiked higher.

Yepper, she's a flat. As discussed in the weekend update, the structure was not there for a triangle. The triangle was invalidated when we broke the 985.75 L.

It is sorta difficult to get an accurate count on the subwaves from the 1007 H because every candle was basically straight down.

Therefore, I'm not sure if we have completed minuette (iii) or not. If not, I suspect we are close. Based on wave (ii), we should see some type of complex structure for (iv).

Targets include the 161.8% of (i) at 969 and the 161.8% of [a] at 966.75. (ii) retraced 61.8% of (i), so I will assume that they get us to the 161.8% at minimum.

Also, we are in the zone of the 4th of lesser. I'm not sure if we get a big push for this minor B wave or not. If we do, I have a bevy of numbers that come in around 955ish, which is close to the 38.2% at 958.50.

Short-term, RSI is giving a nice positive divergence.

As mentioned above, the majority of the decline came in globex. Even so, I still would have expected the 100 lotter's to have been less than the -19.5k they finished at.

Notice the smallies covering like bandits in the last 15 minutes of trade.

Bottom line - I don't think we have finished tracing minor B. With that said, I'm also not real confident, based on structure so far, that this retrace will even make it to the 38.2%. Perhaps I'm wrong.