Short-Term $ES Update

I remain inclined to the view that this rally will fail. Whether it does so now or after one more push above the 6/28 high is unknown to me.

But, I will note a couple of things:

  1. We remain below a bearish wedge and seem to backtesting it once again now, from beneath, and
  2. If this is a nest of ones and twos (in of at least orange and then now green degrees), we have retraced to an appropriate place for green 2 to stop (the 50-61.8% retracement of the prior decline—the orange box we’re in now).

ES


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