ES-5-15-19-11-44-am

Well, I did not expect that strong rally. It was supposed to be a pullback in a micro wave iv up but we have got something really different.

I have been counting the whole corrective structure off the May 1st top as a complex W-X-Y structure. For several days in a row that structure helped me to nail every turn in the market. This is the first time when I got something I did not expect. However, before I declare that structure invalidated I would give ES one more chance to stay within that fractal and downward sloped channel.

 

One of my subscribers suggested that we are dealing with a corrective wave ( b ) up shaped as a triangle. That is a feasible scenario and it keeps my bearish count expecting one more move down very well alive.