ES

The equity markets had a nice recovery after early morning weakness. We had a 18 handle range and volume was better than average.

It appears that we are impulsing up from the 1014.75 L. Outside of the 1st wave everything is nice and clean.

I have caved in and will assume that minute [iv] has finished at 1014.75 (notice the 38.2% retrace). The big reason has to do with how crappy the internals are. I just can't believe that we would be ready to launch with where the internals sit.

Take a look at the daily candle registered again today. I know I have been referring back to the mid June period a lot, but look how similar structure is. The chart is telling us something folks.

I would like to say that minuette (i) finished at today's high, but I believe that 1032.75 finished sub-minuette iii. We should see one more push higher to complete (i). This of course assumes I'm correct in my assessment of structure.

Pay attention to price action when we get to the mid-line.

Near terms targets include the 61.8% projection of [i] - [iii] at 1039.50, while [v] = [i] - [iii] at 1046.50.

I do believe that price works its way higher, however, I no longer think we will get as high as I originally thought.

On a totally different subject, I couldn't get on eChat today. Have we shut the room down? Perhaps someone would be kind enough to post in the comments.

Edit: I forgot to mention the dollar's action today. Complete crushville! What the hell happened? Somehow it held support, but it doesn't appear it will for long. I believe were now down to a 1 outer - at best.

Edit: I came out very well on my globex trade. Had my stop in the right place :)