ES

ES had a positive day, though finishing lower than Friday's close due to the globex gap down. Range was 11.25 handles on declining volume.

No question this is a 4 wave. The issue is determining what degree. I still maintain that it is a minuette degree, however, it very well could be minute.

Regardless of degree, I believe that it is not finished. It appears that it has taken the form of a "double three" (w,x,y) and not a triangle, as discussed in the weekend update.

There is the possibility that y, and thus (iv) completed at the 1051.50 L, which was the 23.6% retracement. I don't believe this is the case, as price action doesn't appear to be impulsive off that low.

We also have not fulfilled the 15 minute deadly at 1048.

That leaves us needing to complete this last sub-minuette y to finish off (iv).

It appears that [A] down was a 5. If correct, then this y leg will be a zigzag. If somehow it was a 3, then look for a flat or triangle.

I give low odds to the triangle, as this means that price will not take out the price extreme of [A] at 1051.50. As mentioned above, the deadly rests at 1048, which I believe we will see.

[B] has a direct 70.7% retracement. Perhaps it wants the 141.4% projection at 1040.50? This assumes that [B] is in fact complete.

[C] = [A] at 1047. The 38.2% retracement of (iii) comes in at 1039.25.

Don't forget the KoolsTools cycle peak due tomorrow.