Update 2:24m EST: Could be a small wave 'v' or 'e' down to finish the short-term pullback. Still missing a hit on ES 3549.50.
Update 11:58am EST: Small a-b-c (i-ii-iii) down has completed. Possible scenario- now/soon headed for ES 3549.50 (a 'critical' value target). VXX and ES would then have hit equivalent respective 'critical' value targets which could produce a reaction pullback. If one or both continues through their respective targets then that negates this scenario. In either case, the market may still have a long way to go to the upside eventually.
A review of the other market index (Dow Jones) looks to be lacking in price movement so far. Several other vectors we follow have not hit optimum so looks like more to go after a pullback in ES futures.
See Critical Long-Term Review Here
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