As mentioned here (and here), I am inclined to count the low as in on $ES. The rally from that low can be counted impulsively, as a 1-2-1-2 nest, but it’s been lazy so far so we need to remain cautious. We’ve gone as much sideways as we have up. We have jobs openings report and consumer sentiment coming out today, so perhaps one or both of those will give us a catalyst to get going.
If this is a nest, it should carry to at least the orange box above, which is good, because we need to get above that trend line in order to gain confidence about a low being in.
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