US stocks are likely approaching an emotional low. As shown in Chart 1, the proposed low is [y]-down of a two-month pullback or C down from the recent high based on the bullish interpretation, and [i]-down of a nested 1/2/[i]/[ii] setup based on the bearish interpretation. SPX has also declined into prior support/resistance zone. Chart 2 shows wave structures across major benchmarks based on the bullish interpretation.
[1145am] SPX/ES update -
This mornings low in ES is holding so far, while the low in SPX cash got breached before the current rebound. See updated primary count for SPX and squiggle on ES.
[9am] ES update -
Potential EDT in ES if the low is not in. See yesterday's EOD update for details.
