Still Trying To Fill Out The Wave 4

Today we saw the markets continue to move lower across the board after seeing downward action yesterday. This continued move lower has given us further confirmation that we are indeed in the wave (c) of 4 down. With that being said we do still have a bit more work to do to further confirm this and fill out that wave (c) of 4. Today's continued move lower is however further confirmation that we are filling out the wave (c) of 4 down. 

Drilling down to the 10-minute ES chart we are now well into the target zone for the iii of the (c) of (4) at the 4973-4954 zone. Overhead resistance remains in the 4985-5003 zone and as long as we hold under that zone the near-term pressure remains down. The ultimate wave v of (c) targets should reside in the 4935-4924 zone which also has good fib confluence with the 100ext of the wave (a) of (4) down. 

If we are unable to hold under the 5003 resistance level then it would open the door for this to still see another higher high before breaking down under the 4936 low or even potentially develop a triangle to fill out the wave (4).  As of right now however and given the structure of the current wave action, I think it is far more likely that we will continue to see lower levels to finish off the wave (c) of (4).

So overall there remains nothing surprising about today's action and as long as we continue to remain under resistance we should see continued lower levels as we attempt to finish off this wave (4) over the next several trading sessions.