We did not get an actual lower low for a sub-micro (5)th in ES, we got what could have been a higher (4) and then a truncated (5) (shown in blue ES 5min) but that is hard to rely on. We also do not yet have a clear impulse up even though todays move looked impulsive, since it is not yet 5up 3 down and it itself can be the C wave up from Friday's low (orange)... It makes holding micro supports very important here. Under 2876 and chances of a break of 2867 increase, <2867 & then <2865 and there is a possible Pirate Ninja targeting the 2830s.. (or lower)(yellow, ES 2hr)
That being said looking at the larger charts for SPX & DJI the green "Alt 6" path is still feasible. Though I am not going to "rely" on it. I will continue to trade index positions toward the next conservative target and ratchet up support as we go and focus on those sectors and individual names that make strong arguments for out-performance. #StockWaves.