The Puzzle Continues...

The market is definitely not throwing up any softballs these days. While I got the triangle formation correct, apparently the degree of trend was not right. When looking at EW patterns the follow through is so important to properly reset the 'count' and correctly identify where you are at each degree of trend. 'Failed' new highs or new lows make things much more difficult. As do deep retracements (>61.8%). What we have had over the past few weeks is a steady dose of both. Looking at the chart I posted I circled two key areas. Essentially price needs to move beyond one of these areas to help us 'know' where we are in the count. I believe we will break the lower circle first and the higher circle 2nd. However, should we take out the higher circle first, then I will mark my wave B complete (light blue w/ dark blue lettering) and use the next pullback to go long. In this scenario we would have a 'failed' C wave as it never moved beyond wave A.

At the end of the day we were nearing resistance and looking overbought on the 15min chart. I don't expect much life left in this current move up, so I expect a nice pullback (50%+) before we move to the target area of ES 880-895 to finish off this wave B, so we can move lower.