This one-way market is already becoming boring. I'm more and more inclined to the following long term view:



The only question mark in such scenario would be whether it was already end of .382 W2 at July lows or if it still needs some more downside to conclude (and form a Flat or TD ABCD).
I agree with Jim that longer term all the permabears are going to be rather unpleasantly surprised.

I wonder whether in ES they have more juice than for just a typical move of such an ABCD:

Well, the reason I suspect they have more juice, eventually, is because of the 1.272 off the bigger more recent pullback. That's around 46.26. That lines up with the 2.236 (46.64) off this smaller ABCD. Just something to consider. It sure does look incredibly weak, though.

Here they come...

Hmmm, just a fake? A fake before they drop it down hard??? If they can't take it up, they'll take it down.

Probably just a stop sweep down before they stop sweep it up.

Last minute sell? I just don't see it...

C'mon, baby, sell. I just don't see it, though.

Some selling. I love it. But it won't last... I know this because if it did it would make me very happy. And the market isn't in business to make me happy.

Looks like this 1.272 of the ABCD was it for today. Same as for Gold yesterday:





One has to admit that it moves just line to line

Yep, that was indeed it for today. Notice the smaller potential bearish ABCD in gold (with an ABCD in the BC leg) forming, perhaps to send it down to my 1350 area. I'd love gold to go down more, but my gut feel is that it may be done with this correction.

Probably just some OpEx thing.