Closed the ES short trades from yesterday during the first 1/2 hour this morning when the ES broke above the down channel it had formed on the 5 minute chart. The ES low targeted in my post last night was 1034.25, we bottomed at 1036.75, close enough in my book. Tried a day trade short ES around mid-day based on the 5 minute V Stoch rolling over, closed it for a (very) minor profit after about 30 minutes when the 5 minute V Stoch bottomed out with no major break in the market. On the sidelines for the rest of the day.
Five waves down from the 5/13 highs can be counted as complete at this morning's lows The action later today has been quite strong and impulsive which confirms the end of a major down move this morning. From an EW standpoint the alternates at this point are numerous, so there is no "larger picture" count yet, more time is needed to weed out the possibilities. If I get time I may lay those alternates out this coming w/e.
