So first, here is the overnight action so far. I have an updated Dollar count and another look at the ES. The action is looking mighty triangle-y to me (more in a minute).
So like I was discussing this past week here, Update on Minor Degree Count Options we are range bound, and until we break out, there is no way to know what the count is.
I see 3 main options like I talk about in the post: 1) Ending Diagonal, 2) Expanded Flat, 3) Large Triangle
What is interesting about the action on the futures is that the bottom trendline for the diagonal is now practically horizontal. So I think that option is now much less likely. Based on the current pattern, Kevin's large triangle looks very promising. Everything is just compressing about the 1100 pivot (like in this chart from Friday):
**However** until there is a breakout of this range this could morph into something completely different. Caution is still definitely warranted.
