The ES appears to be tracing out a diagonal for the 5th wave, which looks like it's close to done.
So odds are that there will be some selling in the very near future. The question is whether we will see just a correction or whether there will be a resumption of the prior bear trend. In the case of a correction the first support should be in the area of the prior 4th wave low around ES 1065.00
On the Vindicator the Buy line rapidly fell away this afternoon. The bulls seem to be loosening their grip.
However, still long ES from last week @ 1032.00. The oscillator continues to hold above that 80.0 line, and prices are well above the lower trend line drawn from last weeks lows. The only action taken today was to move the stop loss up a few points to ES 1050, which was the level of the lower trend line at today's close.
