The action seemed to slow last week, the market making a minor new high slowly into Wednesday, then pulling back slightly. From an EWT perspective, the bulls are still favorites and if this is indeed setting up as a nested move up, it should finish around 2490 and resume the up move. In the bear camp 2480 would be an important overlap and if they manage that then things might go towards getting the bull nest out of the picture.
No change on the weekly cycles. But the rally didn't go unnoticed, as directionality started to bounce .
On the daily cycles we are currently above the resistance on ES. The up impulse is not confirmed yet, but it will if the market continues to move up. YM triggered resistance at the high so it remains to be seen if it manages to push forward and break that as well or if this will turn things.
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