23 Feb 2016 - Two Minds Don't Think Alike

Looking at the chart below doesn't really clear things up in terms of EW counts.  Since I am counting this move up from the Feb. 11 lows as corrective, it would be normal to see the chart filled with abc's and d's and e's.  But the count up from the lows can also be a 5 wave move which is not shown here.

While the signals for the SPX is still up trending and in OB territory, the ES however is at a bearish position already.  1980-1990 SPX would be the range where price could possibly meet with the daily 75 MA and the Gann angle resistance.  This would push us into March as a possible high.  We can't really speculate here as both ES and SPX are not in SYNC with each other.  If I were to have a bearish tone for the immediate turn, it would have to be because of the H&S pattern forming since Aug. 2015.

We will have to wait for tomorrow to see if both the futures and cash market can finally agree with each other.

SEN: Bearish
ST: UP
PA: UP