A Glance at $ES Futures This Morning

Alright, so, if we’re real bullish in the short-ish-term, we may have a 1-2 in, like this:


It is good for bulls to see a gap here, because it helps to confirm a third wave, as suggested yesterday.

The only caveat I can see this morning, is that we’re only right back to an area of prior congestion (the thin orange buffer I’ve drawn). And until we actually take out prior highs, risk remains.

It is, for instance, still also possible that this is some entirely different structure, like a leading diagonal, like this:


So, much like yesterday: I caught that gap down, and that was good enough for me, so I bailed; likewise, I caught this gap up, so I am going to bail on my long SPY calls on the open. We may still go up. But, I want to see more price action in the cash session first.

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