As I have said to our members over the last two days, the 1687ES level is the initial key to breaking down into a wave iv pullback. As we began the pullback on Tuesday, I warned not to be fooled by a spike and reversal that takes us just below 1687ES, as they take out stops and run it right back up. Therefore, I kept reiterating I wanted to see a meaningful and sustained break of that level, which we have not see yet.
For now, as you can see from the 60-minute chart, if the market is unable to break down below the 1686/87ES region, then we can still see a small degree wave (v) take us up to the 1701-1703ES region. A break out over 1692.50 would be the first indication of this potential.
So, as I said earlier, the lines have been drawn in the market right now – support is 1686/87ES and resistance is 1692.50. A break of support has a minimum target of 1682ES, which would likely only be an a-wave of wave iv, which means we likely still have another day or two until all of wave iv is complete.
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