I’m at a bit of a loss at the moment. On $ES, my guesstimate last night called for a big waterfall, but instead we built a series of small flags all night, eating off that clock until the FOMC meeting. When the market stairs steps down like that (if we’re also in an impulse), it’s building either a series of ones and twos or finishing a series of threes and fours. I don’t see enough ones and twos at the beginning to assume the latter, and we haven’t seen a tremendous waterfall that would help me to justify the former.
And furthermore, we’ve developed what looks a bit like a broadening formation, and I’m honestly not entirely certain what I would do with that here.
Likewise on $NQ. We have this strange structure here, and we’ve come down and given it a perfect tag this morning. I am not entirely certain what I want to do with a structure like this here. I mean, I suppose there are things I could do with it, but I’d like to have a good reason to pick one over another and I don’t have much at the moment.
And so, I’m afraid I have to take a bit of an agnostic stance here until I see something I feel is clearer.
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