Current Elliott count:
In cash at the moment, got stopped out of yesterday's long ES at a breakeven price of 1115.00 (see this morning's update). The thought was that there should be a better long entry price available on this retracement, but so far the market is not cooperating. The low point today only dipped to a little more than .236 of the rally from Friday lows to yesterday's highs. The .382 and .500 retracement levels are at ES 1108.75 and 1103.75 levels respectively, but we may not make it there.
The Vindicator Buy/Sell still shows buying pressure exceeding selling pressure which supports the bull case. Meanwhile the 30 minute V Stoch is drifting towards oversold territory. The ideal situation would be for the V Stoch to bottom below the 20 level and curl up while the ES is trading somewhere in that 1104 - 1109 range. Unfortunately, markets almost never seem to give a trader the ideal, so this situation will more than likely require a judgement call at some point.
