Waves of 3's

ES #F is making waves with 3 waves within the waves as it slowly drifts down. Higher timeframe charts show waning momentum. The titanic principle in action here. The higher timeframe charts have trigged sell patterns. Candles are bearish looking. If short, patience is needed to hold this for lower.

We have possible 4 waves down. So, will be looking for lower low, then a retracement, since next leg down means we have 5 waves down.

Wave 5 targeted 1.27 at 1288.50. Lets see if we can bounce from here. Since we have had 5 corrective waves down, I am looking for the possibility of an abc into .618 retracement level before we continue downwards. Higher timeframes do not have a buy pattern, so there is still downside momentum in the charts. So, if short from a good level, one can continue to hold to ride this trend down.

Is today a key reversal day?

Market closed the gap and found s/t support at the .886 fib off the 8min chart. How far will it go? Watching support and resistance and candle patterns for signs of direction. The SAR on 8min says we still can go down from here. However, there will be profit-taking on the way down.

We seem to have picked up momentum for this move down. Could this be a wave C that we are in?

8min chart shows doji and bottoming tails into the LBB with divergence. Watch for potential bigger retrace off this level. 60min chart still bearish, so I will be looking for potential JOT sell patterns higher up.

The 60min chart is keeping me in a short longer term, as there is no buy signal in sight.