Here is my wave chart interpretation for today's action thus far in the e-minis. We have seen a 25 minute down wave which dropped the market about 9 points followed by a 6 point up wave which has lasted 45 minutes. This up wave has been slower (fewer points and more time) than the preceding down wave and has carried the market to the midpoint of the small trading area which formed near the open (dotted purple line). This suggests that the bears are in control of this market and that it will drop below 850 before it rallies again. How much below 850? Hard to say, so I don't think the market is worth shorting here.
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