Structures do not often conclude in the absence of cash at certain price points and a gap has now printed including a 'missing' run at the 4717 zone in ES [cash]. Additionally, another half-span target looks to be the focus for Fri 12/3/21 zone [one of two or more to come]. So far the half-span targets have all initiated events so expectation is that 12/3/21 zone [or the next one] may also create an event [high] to conclude the structure. It is the next to last of two data points that would fit in the local range that includes all the data points / target dates so far so confidence is better than average that one of these will create an event. Breadth has all but disintegrated on the daily time-frame and seriously underwhelming at the weekly level. Some relief at the daily might take ES to the 4717 zone +/- to complete the structure. Weekly will need a major sustained positive to crawl out of it's hole which may come later when a corrective decline completes and positive divergence again builds for breadth and another run up into first quarter 2022. [-under review]
Additional: Likely this was a reaction to a top [or the local top] in SP-500 on the 11/22 half-span target date that was posted on previously. A potential [lower] top in inverse volatility has yet to print [SVXY] at the next half-span target for volatility / derivatives. This would be typical behavior at higher degree tops. The time target zone between now and early December is calculated to be a critical zone for a volatility target point to print. This is where a larger and more sustained decline could commence. A few dates are printing between 11/30, 12/3 and 12/14 so a watch on a turn signal is important. SP-500 high will be of less importance when the volatility target date kicks in as that will probably become the control.
The bots will flag here when they see a top. (1/25/20, 2/20/20)
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