In a wonderfully twisted way, my Saturday three day projection fulfilled in the ES futures prior to the market open on Monday. The ES dropped to 1032 and lingered prior to the Monday open. The SPX opened at 1035, and promptly launched to 1045. Another great example of the market fulfilling chart patterns in unexpected ways.
A 1 hour chart potential drop to SPX 1032 did not occur, but neither did my guess for a smaller 1 hour H&S. There are a handful of 5 minute chart examples showing that H&S patterns are fulfilling. This could be the start of a larger H&S fractal on everyone's mind. Many bears are feeling hurt from the last failed H&S (8/17/2009). These are baby bear steps shown on the tape.
Elliott says to me, the SPX daily has a little more room to start a wave 4 consolidation or wave 5 up again. Either way, the OPEX week bump and grind should continue.
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