So, it does look like they were interested in clearing the stops above the June highs.
It is preferable to see wave balance at the high on the SPX cash session, but we may not get it. We would need a rally this morning and this looks pretty impulsive so far (or there’s a way to do it that I have not yet seen at yesterday’s high).
We do have wave balance on futures, however. So, let’s see how this progresses. And let’s see if this is the failure of the rally that I have been anticipating.