Elliott Wave Analysis of the ES Futures Contract (S&P-500) by Sid from ElliottWavePredictions.com.  Click on the chart twice to enlarge.

Based on the internal wave structure over the past few days, and the influence of end-of-month window dressing by money managers, I suspect the equity markets will rally through the end of the trading week, delaying the strongest portion of the downward movement by as much as a  few days, both in equities and currencies.  Please note that if this wave count is correct, wave X green could move a bit lower than shown on the chart before the green wave Y rally commences.  X waves can fall short or move beyond the start of wave W.  Then, the following wave Y can fall short or move beyond the start of wave X.  This is why trading inside WXY corrections is so challenging.

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Sid

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