$ES May Need Another High

Recognizing that there are many risk signals present in the market—and so the market could sell off at any time—I must also acknowledge that $ES from its most recent high does not yet look impulsive, but rather only corrective (I could be wrong about this: sometimes the best downtrends begin stealthily by looking merely corrective before beginning their descents). If that is true, it may need to extend to an additional high before turning lower. One good place for it to do so is a trend line above which has served as a slope of rejection on two prior occasions.

Also, I have relabelled the internal waves of the rally to align the peak RSI (green arrow) with the 3rd of the 3rd wave.

ES

Also, I may need to revise the greater structure we are in to something more like this, implying that we are still working only on the D-wave of the bigger primary (pink) B-wave triangle I think we may be in:

ES


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