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Eloquent

es 5-23 update

S&P 500 E-mini Futures (CME_MINI:ES1!)  
Eloquent Updated   
CME_MINI:ES1!   S&P 500 E-mini Futures
Elliott Wave S&P 500 E-Mini Futures S&P 500 (SPX500) us500 SPDR S&P 500 ETF (SPY) SPX (S&P 500 Index) US SPX 500 VIX CBOE Volatility Index VXX
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elliottwaves es1! spx500 us500 spy spx spx500usd vix vxx
good evening,

spx500 is not looking so hot anymore.
currently backtesting the midline of the descending channel, which is also in confluence with a major level.

failure to push above 3950, and the spx500 will continue to spiral down.

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on a positive note, we have some bullish divergence starting to print; perhaps a few more pokes at the lows, and we'll be able to get a definitive reversal.

Comment:
if es could get back above the midline of this bear channel, we could see continuation for a week or two.
thenext few days are important.

if a successful breakout takes place, i will entertain it from this perspective:
snapshot
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