Alright, here’s the thought on $ES: stripping everything else away, this is what I see. If we were in a big INTERMEDIATE 4 (scary music), we should be 10% off this highs already, if not in the middle of last week. It’s just not deep enough for a correction of that magnitude. But, if we take the last three peaks, and count that as an impulse—a leading diagonal—what we find today is that we came—to the tick—to the 61.8% retracement of that structure (bottom of the box).
Hardly the look of an INTERMEDIATE 4 (scary music), rather, it looks like a 2. And I know it sounds crazy amidst all the selling, but I’m seeing twos everywhere.
I know I’ve been accused of being too bullish here, but it’s also possible that no one is bullish enough.
Now, I posted this this morning, but the more conservative thought is to aim for green B. If move up there in an impulse, low is likely in. We go up in a chop fest, we may have another leg lower.