Market

Yesterday's range on the ES was 25 handles, while volume was very heavy and expanding.
Volume has continued to expand during this sell off, suggesting that distribution has been taking place.

BINGO!!

FINALLY HIT- Actually went below. Should now get a reaction bounce here - Problem is might not be lot as internals are still not improving.

Will post a chart tonight on my thoughts-

Nasdaq

Very important what is happening here to the Nasdaq. Leader on the downside, remember it was the leader on the upside, telling tale.

broken

Broken but stopped @ 1047. Lets see if we get a reactionary bounce or we slice through later

1052

We must hold 1052 or we will welcome 1045 very quickly-

BINGO!!!!

Bingo on the 1054 actually printed 1052.75. Lets see if we bounce- actually out my short from 1083 there SWEET!!! took long enough

Crude

Structure continues to look and act like a 4th wave. This would suggest that we see higher price eventually.
There is a chance that this is a bigger triangle pattern. If you assume that the 77.64 L is a, the 81.99 H is b, we would have finished a complex c at the 77.81 L. I rate this as low probability though.

The US dollar appears to have put up a 5th wave structure to the upside. Be mindful of that.