ES

Weekly chart and particularly fast annual cycle line indeed goes in line with VIX projections supporting the scenario of a short-run recovery for this week prior the further decline:

At the same time daily chart doesn't give us even a short break in projected decline. Note, then blue line is the core 45d dominant cycle negative phase of which is going to continue till the middle of Sept.

In terms of such contradictions we'll probable meet with some degree of corrective bounce within a bearish tendencies. Pay attention that the last price increase succeded bearish crucial levels, thus, turned bullish high-degree trends. We have to consider any cutback as corrective prior the further growth while price holds above 3722 level.

Lower ZZs turned bearish. We definately may expect their further decline at least while price holds below 4215 with the next target at 4025 (50% retracement of R ZZ).