es 12-5 update ~ E-MINI S&P 500 FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT) CME_MINI:ES1! Eloquent good evening, after doing some thinking about this correction, and speaking to a few traders within the spx community, i have to lean toward the current correction that we're in as a wave (2) of a higher degree. initially i was thinking it was a sub-wave 4, but it has gone on for far too long for this to be anything more than the beginning of the next big wave. i think we see more sharp sell offs intra-day, and overnight bull traps until the golden zone is reached at $4437~$4422. from there i'm projecting a wave (3) which will go up to around 5200 give or take. be very careful with longs this week.