I'm still willing to give the market the benefit of the doubt here. We have an obvious support zone. Perhaps a descending triangle on the e-minis is in works as I have labeled below.
Descending triangles are distributive in nature so there are no guarantees it will hold with prices eventually breaking to a new high. But a lack of solid impulsing down suggests that the ultimate outcome is that these waves you see are corrective. At least thats what we can see at the moment. Like EWI said last night, if it was a big impulse down, then a power wave three down would soon be upon us. So we'll find out soon enough.