Welcome back everybody! Here is my refreshed view of the current situation in ES.

The scale of the recent move up made it very improbable that the move off April's high is impulsive to the downside. Thus it should be considered as correction of the March 09 - April 10 rise.
The question remains if the early July low at .382 was IT if it comes for the whole correction. In my opinion the time factor makes it rather unlikely since it lasted less than 1/5th of the preceding move.
Therefore I'm looking for a bigger ABCD from April's high with its CD leg still to come. The BC leg of such ABCD should be an ABCD itself and that gives us few spots to watch on the way up. The first one is already at Friday's high:





We have a nice potential bearish TD ABCD right at .786 and X marks the spot. Interestingly the bigger ABCD with such BC leg would finish right in the 900 area, which was mentioned here couple of times...

MRRD's about to kick off...

No MRRD follow through yet. Watch for possible sellers (I'll believe that when I see it...).

If the bullish ABCD here that jarek showed fails, watch out, 'W3' in play.

Last ditch spot in here for the ABCD...

The proliferance of bearish ABCDs should overwhelm bulls soon:

I sure hope so, but I don't trust those bulls. They always have that FED ace up their sleeve. And I don't like this 5-wave look to this last leg, right to the meat of the bigger bullish ABCD area...

For the higher timeframe, keep an eye on things like FDX and WFC (and RDN for a play on a crazy stock). Look at those ABCD's. Many things are setting up in here like that. Whether the ABCD's play out or they are 'W3's' really sets the stage in here.

Will it be 4 in a row?

Sure is hanging around this area. But, like you said, at some point wouldn't one think all those bearish ABCD's would overwhelm the bulls?

Thar she blows!

Now, will it follow through, like in the old days I'd expect a high percentage of the time, or will it snap reverse, like it seems to do almost every time 'nowadays'?

So, it topped out at 1103.50, with a one-tick program game, close enough to my 1104 area to say my post was 'dead on' (given the usual tolerance for an area and that I only post the appx. center in order to get the post out in a timely manner). It sold more than I actually expected (6.50 points), I guess it was some 'profit taking'. That checkback sets it up nicely for the next leg up in the Sunday night GLOBEX/Monday game.