4th wave consolidation - Market Analysis for Mar 22nd, 2017
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The market did exactly what it was supposed to today, which was chop around in a 4th wave consolidation. Price has come close to reaching our optimal 2350 ES target for wave 4 of c, but otherwise nothing indicating that it has completed and the 5th wave down has started yet.
In fact, I would actually prefer to see this consolidation eat up even more time and stretch out overnight and into tomorrow, but a break below our afternoon low at 2336.50 ES would be the first indication that the next leg down as wave 5 of c has begun, heading to the 2325 ES target.
Otherwise, a sustained break above 2355.75 ES would be needed in order to suggest anything more immediately bullish at this time, and until then one more low will be expected before a more lasting bottom.
