S&P 500 Jan 12 to Jan 16 Outlook

Recap
Y-1 did not hold, Range expansion kicked in with Y-3 target tagged quickly. Y-3 rejected with Y-1 cleared with a gap. Y-0 capped the run and force a drop back down to Y-1. Closed the week below Y-1 and above midpoint.

Outlook
Potential coil up in the making. This implies ES will drop to B-0 / Y-2 and bounce back but the range will be reduced to 50% of previous week range.

As long as ES cannot reclaim previous year close, the risk of going lower is higher.