Small caps have climbed back to a 50% retrace twice over the last couple of weeks, they haven't made it there with the fall from last week. The ES futures have been hitting between 61.8% and 76.4% retrace marks. They kissed that 61.8 yesterday so they are a free agent ready for a tumble. Smalls have a bit more retracing to do.
So as the wave counters are asking, was this a really great ABC end to a set with the next five wave move up ready to set new all time highs or has this been the initial impulsive moves in a developing 5 wave down set?
Simply because Jackson Hole has been so pivotal in the past I keep thinking it is the key, but it is presentation of papers that the physics PhDs who program the bots are not capable (by training) of understanding so it could take human review over the weekend with summary and conclusions presented at the Monday morning meeting before we get a reaction.