Wave chart at 2 pm

Here is today's e-mini wave chart. I got short early in the day but around 1pm Eastern time I covered at 828.00. At the time the wave chart still looked bullish enough to support yet another rally to 836 or higher.

In the event the market broke instead and now the wave chart is definitely looking bearish again. The only issue is whether or not a rally is likely from 821 and if so how big will it be.

I note that the highest volume bar of the day occurred as the low bar of the day so far (red arrow). The significance here is that the high volume developed above yesterday's low at 819.50 and was unable to drive the market below that low (dashed red line) . Evidently enough bullish money was willing to take a stand at 821 despite plenty of willing sellers. This makes me think the market is about to rally again, probably to the midpoint of the day at 830. As long as volume remains moderate on the rally I plan to sell it near there (dotted purple line).