$ES Remains in the Range; My Bias Is Still Bearish

This morning’s selloff looked impulsive, and we may count the rest of the structure as an expanded flat for minuette (orange) 2. It retraced deeply to the 78.6% range, still suitable for a two. The expectation is for it to proceed lower to one of the fibs below. The most common extension would take it to the orange box, but given the “look” of the whole thing, I think it would more likely head to one of the lower fibs in order to entirely clear this range we’re in (for the orange 3).

That said, we remain within the range, and bulls will see my minute (blue) c as “1 of c” and my red b as a 2. If we exit the range to the upside, I, too, will have to adopt that count, but with most of the risk signals I look at continuing to not show me a clear risk on environment, I will continue to look down instead of up (until I have to).


Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.

4 thoughts on “$ES Remains in the Range; My Bias Is Still Bearish”

Leave a Reply

Your email address will not be published. Required fields are marked *