On the daily cycles, we can observe that since the beginning of 2015 the market has been just oscillating, meaning moving in regular waves, without any cycle impulses. The cyan lines were marking the start of the waves, with magenta marking the crest. We can see that at point “A” the market did attempt to break into an impulse up, however that was never confirmed since MA never got above the magenta line, and finally the attempt was reversed and the market continued to move in regular waves. In August something significant happened. As highlighted by point “B” the market broke down into a downward impulse, confirmed by the MA. At point “C” we can see that this downward cycle impulse put in a BR (bearish retracement) and later an END, meaning that the impulse is starting to shows signs of completion. It could complete with only one END, although another BR accompanied by a 2nd END would not be out of the question.
The ES daily chart below (from around a week ago) shows basically the same story with the regular waves and then the impulse down in August and the BR and END.