Here is a 15 minute chart of regular hours trading in the June S&P e-mini futures.
I commented on this chart earlier this morning. Since then the drop from this morning's high has assumed a clear, three phase shape and the market has dropped as low as 1304.75, vs. my estimate of 1304. Moroever, there is a small volume climax visible at the extreme bar of the break and the volume there was visibly less than the high volume bar that ended the first phase of the correction. This shows that the bearish pressure on the market has decreased.
At this juncture I think that the three phases of the correction from this morning's high are complete and that market is about to resume its uptrend to 1328.
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