A Quick $ES Morning Brief

If they are accumulating here, they’re in a real hurry to not get us going anywhere so far. On the last count, in which I was expecting minuette (orange) 2 to be complete or virtually complete, I was then expecting a significant rally, which has yet to materialize; nevertheless, the count still works so long as the low from the 26th holds. As it stands now, I find it difficult to count everything from that low as anything but 5 waves up (green arrow) and 3 waves back (red arrow). But, if the market weakens, I will be forced to reassess.

I find such an outcome nearly incredible given the state of sentiment here, and from what I can tell regarding positioning, but price action is price action, and if we’ve done a 1-2-1-2 up, we need to move up in price sharply, and soon, and if we do not, then the bullish count doesn’t work and I will be forced to acknowledge that.

ES


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