My expectation is that we continue this correction for a bit on $ES. My present expectation is that it will not be terribly severe. I’m speculating a lot here, but:
- If we turn lower now, look for the possibility of a bull wedge coming into being, or
- If we go a little higher, but can’t quite take out the highs, then turn lower, look for the possibility of a bull flag.
These are of course contingent upon us not shooting up to all-time highs now and also not destroying that trend line below. But, I like to imagine these when I can in advance, so I’m not scrambling to discover them once they’ve already completed.
(Ignore the “Y=X” on the chart as that is an alt count I have in mind for the correction, in case it turns out not to be an A-B-C, but something more complex)