Inflection point

Yesterday the Vindicator showed selling pressure increasing above buying pressure (red line crossed above green line) for the 1st time since early February.  This could be the start of a trend change.  The V Stoch bottomed out midday and curled up.  On Monday, if the V Stoch moves above 75 and selling pressure continues to exceed buying I intend to establish a short ES on the 1st tick down from whatever high is reached on the V Stoch.  Two other sidebars of note: very close to a sell signal on my old trading system but not there yet; please note that SPX did not break below up channel of rally from lows of 3/4 - 3/5.

The Elliott Wave count shows the possibility of the completion of a 5 (from low of 3/11) of 5 (low of 2/25) of 5 (low of 2/5) on Friday which, if true, would certainly mark a change in trend as the Vindicator is suggesting.  The fly in the ointment is that the final 5th would be the rally from the low Thur to the high Fri, whose internal structure can be counted as a five wave move but looks much more like a three.  In fact, the whole structure from the high Wednesday thru the low Friday could easily be labeled as a 3-3-5 flat.  If that's the case, them we still have to work our way through one more impulse to (or very near to) a new high for that final 5th wave.

Alternate count: