ES

ES finished the day higher (in case you fell asleep). Range was a smallish 13.50 handles, while volume contracted from yesterday.

I had to make some minor changes with the degree's, but so far so good with the beginning of minor C. It actually counts fairly well - until we get to the 1003.75 H.

It appears that we are in the process of tracing an expanded flat for minute [ii]. minuette (b) reached the 138.2% extension of (a) to the tick. This is exactly what you should expect with a flat that expands.

There are other options, but I'll go with this for now.

I don't really expect a very deep retrace for minute [ii] for several reasons, although I could be dead wrong. I will be happy if they can get it to the 50% retracement level at 990.25, but I'm thinking the 38.2% may be all she gives.

You will remember that minute [ii] of A retraced a full 99%. The big difference there was that we had a deep retracement in terms of price and time from the 950's. Momentum was clearly to the downside.

Complete opposite up here. We have had a very shallow retracement that has not taken much time at all. There is very little downside momentum imo. I believe the odds favor a small retrace.

It is possible that I may need to ratchet my degree's back down. [i] of A was 19 handles. [i] of C measures 27. I'm satisfied that I have the correct degree's, but you never know.

My alternate remains that this is part of a complex correction for minor B.

Smallies did a good job of bailing at the highs, but it appears they were covering into the close.

Tomorrow is expiry. Not sure what, if any, tricks are up their sleeves. I keep hearing how "max pain" is significantly lower around 970.

We may very well get there, but structure doesn't suggest it.

We could have a cycle peak tomorrow based on the daily days of 8/12 and 8/17. Monday is showing up as a low fwiw.