The last time we spoke I offered this chart of the ES_F market where I expected a decline to 132150 or a sideways move to complete w.iv (blue). As it turned out, the market declined to 132225.
If w.iv (blue had ended yesterday, then an impulsive wave should follow. Today's action was not a disappointment. Above is the operative wave labeling. The move from 132225 to 1336 appears to be in five waves. Under this scenario, prices will fall in the ON session or early on into tomorrows trade.
However, I can also make a case that today's price advance was in three waves (alternate count) and that today's price advance completed w.B of w.iv (blue) that is still unfolding. If the alternate count prevails, I expect prices to decline to 1317-131850.
In conclusion, both interpretations anticipate a near term decline.
Best of Trading
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