Coin toss time

The ES down-up pattern since last Tuesday can be interpreted one of two ways:  We are either forming an A-B-C flat correction and are currently at the top of B, or the correction ended last Thursday and we've put in a series of 1-2's.  If we're forming a flat we should turn down sharply very soon with a target at or below last Thursday's low of 1084.50.  If we've put in 1-2's then we should see a 3rd wave in the very near future, which also should be sharp and strong to the upside.  The pattern since last Thursday's low at the moment is a wedge, and a break and hourly close outside of the wedge lines in either direction should point the way.  From a trading standpoint I will hold long unless there's a close below the lower trendline accompanied by a sell on the momentum indicator.  At this point the momentum indicator is solidly in hold long territory, but that can change overnight.  Moved stop today to 1 tick above long entry, so will at the least breakeven on the trade.