For the very near term, squiggle price actions are not as bearish as the magnitude of today's sell-off would imply. So far we have higher lows from the recent nominal low, but no higher highs. We may be looking at the end of a small degree second wave or [x]wave (flat-up)or [b] wave (triangle sideways) in the form of a zigzag (Chart 1, blue and red) although the super bearish count exists (Chart 1, purple).
For the short term, whether a near term low was in or is still missing a small degree 5th wave down remain unresolved. As the squeeze by MA50 and MA200 gets more intense, it should be resolved shortly (Chart 2).
Potential support and resistance levels -
support 1254, 1225
resistance 1298, 1313-1316 (heavy)
[830am] Overnight update (ES) -
