The more I look at current charts and some daily indicators I follow, the more I think that yesterday morning's lows were a significant turning point. The selling into the close and after hours today is testing that thinking, although as I write this (5:45 PM CST) the ES seems to have stabilized. Currently in cash, no trades since mid-day yesterday. Been watching the 30 minute V Stochs as they trend downwards, currently I'm thinking long ES when the Stochs bottom and turn up depending on other conditions at that time. It would help if the Buy line would stay above the Sell line on the Buy/Sell Vindicator.
Looks like 5 waves up from yesterday's lows, and an a-b-c zigzag down into the low of a little while ago. That low was right in the .618 retracement vicinity, market needs to stay roughly in this area or better overnight or the current wave count is in jeopardy. If we keep selling to a point below yesterday morning's low then the wave count will need serious rework.
