Nice thrust down today, but still we wind up with a choppy overlapping mess. We've essentially been trendless for 6 days now with the ES pretty much bouncing between 1130 and 1150. Below Elliott count is only one of many possibilities. Until the market moves definitively in one direction or another it's difficult to say which possibility is correct. My inclination is bearish, participation is still light and it IS October.
Although the ES has definitively broken below the recent uptrend line on the daily Trend/Osc the Dynamic Oscillator is still tracking above 80, so no sell signal on the daily at this point.
The hourly Trend/Osc is still in sell mode, but it wouldn't take much to move this back to a buy. Still holding Friday's short ES from 1143.50.
