This weekend, I expressed the thought that we may be in an ending diagonal because of the corrective nature of the rise, and that may continue to be the case here, only the high may have come one swing sooner than my other counts suggested. So long as we get some followthrough, we may count the structure on $ES this way:
If this is a major market top, I would expect this (from the morning’s high) to be a 1, then a 2, then a 1 of the next degree. I would expect some kine of rise for part of the night, followed by a very big drop leading into the open tomorrow.
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