ES Morning Update March 15th 2018

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I thought we'd hold the rising yellow trendline yesterday and start that 5th wave up but I got that call wrong as the market obviously wasn't finished with the wave 4 down yet. For today I don't have much of an opinion on the direction. It feels like it's waiting on something before it makes a move up. So I'm just going to watch and wait myself as I just don't see any clear direction at this point. Possibly this continues until the FOMC meeting next week where we should get market moving news out of it. Will it spark another strong rally or another big drop? I don't at this point but should have a better feel for it as we get closer. That's all I have for today.