E-Mini S&P MidCap 400 Index (EMD)

This S&P Midcap 400 has also pushed to newer highs but is still far away from breaking any new world records. We were about 44 points away from an upside breakout, but in the process a few critical waves overlap that makes them next to impossible to fit into an impulse wave count. By early next week we should know more if the Midcaps breakout.

I’m staying with my starting degree level, but a new breakout would definitely change that. If this is part of a counter rally, then without a doubt the Midcap 400 must still crash below that 1685 price level. This week should be the end of the September contracts, but the December contract looks ugly at this time. I will see how December looks, in the chart detail it gives me, but I may have to stop the wave counts on this Midcap for awhile.