Of the three possibilities for the ES presented earlier today, the 2nd one is pretty much now off the boards. I still am of the opinion that the third alternate is less likely and that we are in an Intermediate 5th wave holiday rally.
The EUR looks like it's done with it's most recent sell off sequence, but chances are this is a correction to an ongoing downtrend. The Daily Trend/Osc for the EUR is solidly in Down mode.
The Elliott count shows the EUR just completing either Minute W1 (green) of Minor W3 (red) or Minor W3 itself at last night's lows. From a practical standpoint the difference is irrelevant at this point, either way it looks like a correction that will provide an opportunity to re-load on short EUR. But the correction is important because it removes a bearish influence from the ES.
11:00 AM CST
3 possibilities here on ES:
#1 - Intermediate W4 triangle done at Monday's lows
#2 - D wave of Intermediate W4 triangle close to done, E wave yet to come before W4 complete
#3 - Flat correction to initial W1 down of early Nov in progress, C leg of that flat in progress to be followed by hard sell off in a few days. W1 down was a leading diagonal.
