ES

ES managed a decent gain today in slow choppy price action. Range was a measley 9.75 handles and volume continued to decline.

It is unclear whether wave (iv) has completed or not. Price action off the 1051.50 L has been choppy with overlap, suggesting that structure is still grinding out a corrective.

An alternative to still tracing (iv) is that this (v) wave is an ending diagonal. That is certainly a possibility, in fact, it could count complete if this is the case.

Or perhaps you can squeeze a 5 off the low, just don't look at a chart under 15 minutes and you can get a 1 wave :)


My best guess is that we are still grinding out a (iv) wave, however, I noticed the Russell and Naz made new bear rally highs today.

We did have a KoolsTools peak day today. This suggests that we should see downside pressure - should the cycle work.