When the ES was down at 1050 I didn't think that we would get back up to 1080ish.
Well but that's what we got. The SPX hit 1078 and has now retraced 50 % of the previous down move - very common for a second wave (if it is one! <<>
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyyHIwBEnvLrfOyDtzMhFf4mNl9L0uCY1N034LEOmTc0EwX4YRvh0KYe-0hMWgpXPNX6jmeCCcr3wBRu6a12lBpnQx1YZZnaIzWdcmiuvBr6P93C67EIglYIezr5vdNjI8-IefArwljUk/s400/s&p50007202010a.jpg)
I've just found another fractal which supports the bearish count:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyyHIwBEnvLrfOyDtzMhFf4mNl9L0uCY1N034LEOmTc0EwX4YRvh0KYe-0hMWgpXPNX6jmeCCcr3wBRu6a12lBpnQx1YZZnaIzWdcmiuvBr6P93C67EIglYIezr5vdNjI8-IefArwljUk/s400/s&p50007202010a.jpg)
The rally today reminded me a bit of the mid May action, so I compared today's action with it and in my opinion it looks pretty similar.