The ES has now given up over 50 handles from its 9/23 high of 1075.75.
It is obvious to me that the equity market(s) topped at the ES 1075.75(Called for the possibility of 1069 at the March lows). At minimum we should see an intermediate degree correction. At worst - turn out the lights 'cause this party is over.
If correct, this suggests that the March lows should be taken out in this primary wave [3] down. Actually, it is required for 3rd waves to travel beyond 1st waves, as a rule of formation.
Friday We closed the day forming a bullish bat formation which should spell higher but I think to a maximum another intermediate lower high will be made this week.
Also notice the RSI. We have broken the uptrend line from the March lows. We also had a very nice and pronounced negative divergence at the highs.
Bottom line this is not the time to get bullish do that on your own cause.
MARKETJEDI
