S&P Update

Here is an updated chart of the June S&P e-mini futures. This is an hourly bar chart but a short while ago I commented on the 15 minute bar picture of this market.

The market has nearly hit support at 1304 and the drop from today's high at 1318 still does not look like a three phase affair. So I must conclude we are going lower enough to make the whole reaction (red A-B-C-D) look like a standard three phase reaction. I now estimate that red point D will develop around the 1293 level. Note how the first phase A-B was itself a three phase drop while the second phase B-C has three phases but its last phase couldn't make it above the high of its first phase.