Stubborn Refusal - 2

Today was an inside day in the daily ES futures, as shown in the chart below. It did little to clarify the EW count.

The swing-line indicator, currently has a higher high before the lower low, so a full trend is not in force yet. But, there are two closes below the 18-day SMA, and that keeps the current daily price bias down. With the inside day, though, it would be relatively easy to turn the swing line lower.

I need to emphasize, the count shown in the chart above only comes into play if and only if the triangle scenario busts. It hasn't yet. We fully expected price to get down to this level, the level of the prior x wave of the (d) wave in the triangle count - even if the triangle remained in control. It has gotten darn close.

But, price length downward or upward is what matters now, so we need to take it slowly, cautiously and with a whale of a lot of flexibility until we see which direction that length points.

Have an excellent start to the evening,

TraderJoe