$ES Morning Update

If we are in a series of ones and twos and ones and twos (as I generally expect), we need to see some acceleration to the upside. We have yet to see that. It may come today, but if we don’t get up and out of these structures, then we should look at a couple of alternatives. One is that my minute (blue) 2 is not yet complete and needs another low. In other words, it would entail that the 3-wave move to where I have minute (blue) 2 in the chart below is just the “A-Wave” of a larger minute (blue) 2. What I don’t like about that is that it would make this 2 very “big” in time, but I’ve seen weirder things.


And the other alternative of course is that we’re not yet impulsing up at all (discussed here) but I do not yet see enough evidence to support that.

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