There is what appears to be a triangle on $ES (drawn in green on the charts below).
This leaves us with several options.
One option is that it is only giving us the appearance of a triangle, but in reality is a nest of ones and twos. On this interpretation, we should move up sharply soon in a 3rd of 3rd of 3rd.
Another option is that it’s a “4th wave triangle.” On this interpretation, we should have another rally, before having a 3-wave pullback (for green 2).
A third option is that it’s a “B-Wave triangle.” On this interpretation, we should break higher in a move that resembles the rally off the low, the blue “a-wave.”
And finally, since it is a sideways triangle, we also must respect the fact that these are often directionally agnostic. Meaning, they can break lower just as often as they break higher.
So, my bias here remains bullish, but with structures like this, it’s also sort of up for grabs.
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