Market Still Over Micro Support

Earlier today, I provided our members with a 3-minute ES chart which outlined a micro pivot.  Thus far, the market has tested that pivot twice, and has held.

Moreover, I provided the following progression analysis regarding the market structure a few hours ago, which remains quite applicable at this time:

1 -  Over the pivot - bullish to 3011-15

2 - Below the pivot, hold 2978ES, and move back over the pivot - bullish to 3011-15

3 - Below the pivot, hold the pivot as resistance on a bounce - we open the door for 5 waves down.

Ultimately, it means that the market has not provided us any indication that a top has yet been struck. But, I still view upside as being much more risky at this point in time, as the larger structure in the market remains corrective in nature, as I have outlined many times before.

So, in conclusion, I am awaiting for the market to tip its hand as to when the current c-wave of the [b] wave noted on our 60-minute chart has topped.  And, as noted in several updates already, a break down below 2955SPX should provide us with a more likely indication that we can drop back down to at least the 2820SPX region.

3minES
3minES
60minSPX
60minSPX
Avi Gilburt is founder of ElliottWaveTrader.net.