Pullback still in progress

The market attempted to bounce today, but couldn't manage to maintain that bounce and instead turned back down to a new low in the afternoon. Therefore, we are still left without any indication that the current pullback off last week's high has completed yet as either blue wave b of B or red wave ii.

Technically the next potential support to watch is the .500 retrace at 2708, which if holds can keep the red count as a possible i-ii off the October low as reasonably probable. However, if today's high was a (b)-wave bounce in a much deeper pullback shown in blue, then price can continue down toward 2683 - 2647.50 next in a (c)-wave before another attempt at a bottom is made.

Either way, price would need to climb back above the high made this morning at 2756 to start confirming a bottom already in place. Until then, more near-term downside remains possible.

ES Z18 - Micro - Nov-13 1228 PM (1 hour)
ES Z18 - Micro - Nov-13 1228 PM (1 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.