#PinkPig has gotten Festively Plump

SPX/ES & NDX/NQ are easily completing their Leading Diagonals.

I think the (a) of ii should be pretty sharp and fast like the "Vol Event" in Feb (and Aug 2015) and then after spending a week or so climbing back up in a (b) we drift down in (c) into front week Sep to catch a FibFan line for support right around where it intersects the 61.8% retrace of this LD. #PinkPig

I would have preferred more of the b wave inside (v) to scalp more long from what I trimmed on July 10 &  13, but I was very happy to trim more of my longs from the April, May, & June lows yesterday.

The Razz colored c of (v) on ES/NQ could still try for a micro 5th of an ED (if they hold ~2800/7350), I may or may not scalp that move, but since I am maintaining a good amount of L/T long exposure and my "hedges" for circle ii are some SPX Butterflies with low premium risk I am not too worried.

The Dow would not complain about getting just a touch higher either, but none of them NEED any higher.

CABPCR hit a pretty extreme .26 yesterday and I see it as making a higher divergent low from this higher high of the (v) of the LD in SPX.

Also... it is possible that this "LD" is really an ED in NQ/NDX for all of 5 of (5) of P.3, but many solid big names argue for more extension over the next 9-12mo, but that is contingent on the circle ii holding support.

IWM can also get hit harder in this correction, as well as a few other sectors that we post about in StockWaves.

SPX.XO - BIG Macro - Jul-26 0850 AM (2 hour)
SPX.XO - BIG Macro - Jul-26 0850 AM (2 hour)
SPX.XO - CABPCR - Jul-25 1606 PM (1 hour)
SPX.XO - CABPCR - Jul-25 1606 PM (1 hour)
@ES# - BIG Macro - Jul-26 0848 AM (1 hour)
@ES# - BIG Macro - Jul-26 0848 AM (1 hour)
@NQ# - Primary Analysis - Jul-26 0848 AM (1 hour)
@NQ# - Primary Analysis - Jul-26 0848 AM (1 hour)
IWM - Primary Analysis - Jul-26 0854 AM (1 hour)
IWM - Primary Analysis - Jul-26 0854 AM (1 hour)
INDU.X - Primary Analysis - Jul-26 0853 AM (1 hour)
INDU.X - Primary Analysis - Jul-26 0853 AM (1 hour)
NDX.X - Primary Analysis - Jul-26 0921 AM (1 day)
NDX.X - Primary Analysis - Jul-26 0921 AM (1 day)
@ES# - BIG Macro - Jul-26 0852 AM (1 day)
@ES# - BIG Macro - Jul-26 0852 AM (1 day)
Zac Mannes is a senior analyst at ElliottWaveTrader.net and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.