14:15 BST - ES Update

As in the cash indices, the drop from yesterday's highs may be the start of an impulse down or just an [A]-[B]-[C] correction before a further rally in wave (ii) or [ii] (using the main bearish counts).

The overnight action in the futures doesn't clear up the picture either way, 

On the following chart, although I've marked wave (2) or [B] highs, there could still be more upside to either - we may still be in the c leg of an a-b-c from the low marked x.

If yesterday's high gets taken out, then the x wave low will have been the whole of the correction of the last few days' rally and the more bearish count of a complete wave (ii) will be postponed. We  will either be in a continuing (ii) or [ii] on the bearish counts, the latter having greater potential upside.