If we are -15 by late morning, the outlook will look quite bad. However, there are some out there who were looking at this wave'2 as actually as minor'4 of 1' - in which case this would be a fifth lower..and soon a floor. Those same people then looking for new highs in June. I find that hard to agree with.
Sp'60min
I'm not sure what I'm going to do now with this mornings open. I guess I'll sit out today, going long after breaking a new low is not a great idea, and chasing the market lower this morning seems equally stupid, at least until both the 15/60min cycles are at higher levels.
*I suppose we might not break a new low by the time the market opens in normal trading hours, but, I'd still consider the ES new low as important.
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Good wishes for Monday..and the week ahead.
More across the day.