ES Morning Update August 28th 2018

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So far so good. The futures are up small this morning and if they pullback any today should be the day. But again, I'm not expecting any large drop until the upside FP is hit from 2/27, which isn't too far away now. Possibly we are in some kind of wave 3 up since late last week and a tiny pullback today would make the wave 4 down, which leaves the wave 5 up into the FP tomorrow or Thursday from what I can speculate on for a time frame. If no tiny pullback then possibly we are already in the 5th wave up? Really hard too say for sure. Doesn't matter to me as I've seen the FP's work over and over again, so I'll just be waiting for it to hit and pierce through a little and then I'll know there's a turn back down coming afterwards.

How far down you ask? I don't know? Unfortunately I don't have a downside FP to give me that answer, but it should be a minimum of a 100 points with 200 points not out of the question. There should also be something in the news to spark the sell off and take the blame for it. I'm surprised that it's going to happen before the elections this November but if it's fast it could be totally reversed back up before November gets here. So I guess it's better to do it at the end of August or early September then late October... at least from a political point of view.

Back to the short term... for today I really don't see much upside likely. If anything today would be a good day to pullback small or go sideways all day to make a bull flag for tomorrow, or even Thursday. So get your coffee pot working as you are likely to need extra cups today to keep from falling asleep watching the tape go slightly down at best or sideways at most likely... or up at worst.  LOL.