Sunday, 7/9/17 update

A couple of things are obvious in the ES/SPX.  The 1st is that the call on this site made on Jun 20 for a top being in place the prior day was correct.  However, although there's been lots of corrective looking activity since then, there's been no really significant damage, at least not as of yet.  The EW count proposed two weeks ago was that the 3rd wave (Intermediate W3) of a bullish impulse that dates back to Feb  2016 had topped and that Inter W4 was in progress.  That should produce a drop a lot deeper than what we've seen so far - for reference Inter W2 dropped about 140 points over 3 weeks.  So it could be that Inter W3 has not yet topped and that the ES/SPX is still building that top.  Charts for the two possibilities are below:

 NOTE: dotted lines show potential EW structures and are not necessarily accurate price/time forecasts