Could Be Headed For Cash Gap

4:45PM: Daily breadth NYAD MACD looks ready to create a bounce with a lower closing price below 3/24 close.

3:54pm: Looking a lot like an expanding triangle as ES approaches what would be the center zone of a megaphone structure. Either that or it goes straight through to new highs. However, the lower cash gap in ES still beckons and VIX volatility -VVIX  looks to be completing a reset lower in preparation for a move higher in consort with VIX moving higher and the market heading lower perhaps to finally fill the cash gap. That opportunity still exists as long as the 'b' wave (yellow border) high holds. ES high zone 4018 - 4068 remain first draft medium term targets based on current wave patterns at a larger degree subject to updates as live structures dictate. 

2:51pm: Looks like VVIX (volatility of 'volatility index VIX') needed to fill a lower gap which it may now be in the process of doing. Once that has completed, VVIX will be free to move up so the attempt to fill the cash gap shown in ES may resume at that time. Perhaps tomorrow. Currently. bullish strength is well balanced and optimum so we shall have to see. Also ES is approaching the internal triangle lower trend line so watching that for a reaction.

Volatility derivatives are not indicating a bigger issue than a tiny pullback in pre-open. Let's see if that follows into the close.

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