Should We Be A Bull Or Bear?
Currently, the market has a set up to take out the important 1709.67 level in the cash index. However, in order for it to do so, it cannot break down below the 1687ES level. A break down below there would put us back into the yellow count “watch,” and the next lower support between 1668-1674ES should give us an answer. A break of that region, as long as the drop is impulsive, will have me targeting down into the 1650’s for a yellow wave i of the larger wave (3) down.
So, for now, the market is going to have make a decision, and it is quite interesting that we have a catalyst on the table tomorrow which we lovingly refer to as the Fed. So strap yourselves in, as tomorrow is panning out to be a wild one.