Tuesday chopped around with a dip in the morning and rally into the close, but overall it really did what I thought could happen. Today we should see the market start to pullback small with the biggest move on Thursday and into early Friday probably. It could be either scenario, the Bullish one or the Bearish one, but it's looking more like the Bullish one will play out.
Remember that "time" is more important then price and the expected low is on the 13th/14th, and therefore whatever low we see will be it for the downside in my opinion. I would think we could fill the gap up on Sunday night at the 6765 ES high from last Friday. That would make the right shoulder for an inverted head and shoulders pattern.
It would be the wave 2 pullback as well with the rally up from that Friday low to the high from it being the wave 1... which sets up the wave 3 up into next week for OPEX. I have to think we'll see a new all time high easily if the pullback is only to fill that gap, so 7000 is very possible. The Bearish case would require some kind of new event to get such a large drop to happen in the next few days. I cannot predict that, so I won't even try. I'm just going to be focused on the date window of Thursday or Friday, and whatever low it is should be the best opportunity to get long for the wave 3 up.
Have an blessed day.
