1287.75 is the line in the sand for the impulsive count down (1294.26 is the cash equivalent). As you can see I don't consider ES in an impulse down though considering that the structure of what would be wave 1 down looks to be corrective. However, if we were to assume that it were a wave 1 down, this number would be the marker to invalidate a possible impulse move down.
ES
With all the options I presented for the cash count, ES still sports a nice corrective count down that may be complete. This would be on board with the primary cash option.
ES is back in the base channel and successfully backtested a downtrend line and is in the progress of heading back up. We shall see...
