2/3/22 7:36am EST: Current ES low pre-open is challenging the 1/a up high that printed on 1/26/22 at 4446.25 and trying to reverse from there. Still seeing whipsaws and not much real structure yet. Let's see what the close brings. There exists the potential [50% chance] that the high target dates on 2/7 - 2/9/22 could be lower highs overall below 4586.00 zone and decline from there with at least a volatility momentum turn signal (VXX up) or an index turn signal (SPXU up) / SP-500 [down].
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An overdriven signal of +120% in VXX whilst not extreme, may indicate an overbought condition that probably will need to reverse momentum soon and get back to a full retrace print closer to 0.76 in ES futures. The overdriven signal continues to support the whipsaw nature of the market currently.
The internal wavelength retrace date target is 2/7 - 2/9/22 zone. If it moves from that number, a revisit to the calculation again will be necessary particularly if this whipsaw decline builds more momentum. The ultimate existing volatility instruments [lower] and higher ES targets still hold.
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